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Study

Restoring Contract

By Bradley A. Smith, published on Jan. 1, 1989

A major step to improving the liability insurance crisis is to remove disputes from the system by returning to the voluntary system of contracts and agreement that long governed tort law. Changes in the application of contract should focus on two areas – warranties, and the defense of assumption of risk and it subset, product misuse.

SKU: S1989-01

Tort Law and the Products Liability Insurance Crisis

  • Executive Summary
  • I. Introduction
  • II. Theories of the Crisis
  • III. How Insurance Markets Work
  • IV. The Judicial Revolution in Tort Law
  • V. Torts and Insurance – Saving the System
    • Damage Caps
    • Joint Liability
    • Independent Design Standards
    • Putting Meaning Back Into 'Causation'
    • Restoring Contract
      • 1. A Meaningful Warranty
      • 2. Assumption of Risk and Product Misuse
  • VI. Conclusion
  • VII. Endnotes
  • About the Author

More by Bradley A. Smith

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