39 Va. J. Int'l L. 671 (1998-1999)
Novelty and the Risks of Uniform Sales Law; Walt, Steven

handle is hein.journals/vajint39 and id is 681 raw text is: Novelty and the Risks of
Uniform Sales Law
STEVEN WALT*
TABLE OF CONTENTS
I.   Introduction  ................................................................................ 671
II. Novel Uniform Law: Preliminaries .......................................... 674
Ill. Novelty and Uncertain Uniform Law: The CISG .................. 676
IV. Three Sources of Suboptimal Implementation ...................... 683
A .  A gency  Costs ....................................................................... 685
B. Network Externalities ........................................................ 688
C. Learning Externalities ....................................................... 692
V .  Som  e  Im plications ...................................................................... 698
V I.  Conclusion  .................................................................................. 704
I. INTRODUCTION
Comparativists and law reformers tend to think that uniformity
in international commercial law is a good thing. To them, a single
set of applicable rules is considered to be a worthwhile goal. One
reason is that uniform rules promote efficiency. Diverse national
laws create legal costs of determining and complying with the laws
of multiple jurisdictions. Ex post litigation costs of forum shop-
ping and deciding sometimes difficult choice of law issues are also
produced. Because uniform law subjects a transnational commer-
cial transaction to a single set of rules, it reduces the legal costs as-
* Professor of Law, University of Virginia School of Law.
I am grateful to Clayton Gillette, Kevin Kordana, Frank Partnoy, Robert Scott, George
Triantis and Christopher Wonnell for comments or discussions on an earlier draft of this
paper. Nathaniel Pietela provided valuable research and suggestions. The usual dis-
claimer applies.

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