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An interesting question is whether the Obligation of Contract Clause has only a retroactive effect in protecting contracts already formed, or also has a prospective application to protect the right to enter into future contracts. The view of prominent Professor Richard Epstein is that states may change the rules governing future contracts only to provide greater stability and security in contractual obligations. Examples include a statute of limitations, a statute of frauds and recording acts.
An interesting question is whether the Obligation of Contract Clause has only a retroactive effect in protecting contracts already formed, or also has a prospective application to protect the right to enter into future contracts. The view of prominent Professor Richard Epstein is that states may change the rules governing future contracts only to provide greater stability and security in contractual obligations. Examples include a statute of limitations, a statute of frauds and recording acts.
Everything about society and the economy has gotten worse since Lochner v New York. Most commentors agree that when the Supreme Court is no longer activists they will resolve this problem.