What does default rule mean?

Definitions for default rule
de·fault rule

Here are all the possible meanings and translations of the word default rule.


  1. Default rule

    In legal theory, a default rule is a rule of law that can be overridden by a contract, trust, will, or other legally effective agreement. Contract law, for example, can be divided into two kinds of rules: default rules and mandatory rules. Whereas the default rules can be modified by agreement of the parties, mandatory rules will be enforced, even if the parties to a contract attempt to override or modify them. One of the most important debates in contract theory concerns the proper role or purpose of default rules. The idea of a default rule in contract law is sometimes connected to the notion of a complete contract. In contract theory, a complete contract fully specifies the rights and duties of the parties to the contract for all possible future states of the world. An incomplete contract, therefore, contains gaps. Most contract theorists find that default rules fill in the gaps in what would otherwise be incomplete contracts. This is often stated pragmatically as whether a court will imply terms so as to save a contract from uncertainty.

How to pronounce default rule?

  1. Alex
    US English

How to say default rule in sign language?

  1. defaultrule


  1. Chaldean Numerology

    The numerical value of default rule in Chaldean Numerology is: 2

  2. Pythagorean Numerology

    The numerical value of default rule in Pythagorean Numerology is: 8

Images & Illustrations of default rule

  1. default ruledefault ruledefault ruledefault ruledefault rule


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