The American Law Institute was established in 1923 to promote the clarification and simplification of American common law and its adaptation to changing social needs. The Institute drafts, approves and publishes Restatements of the law, model codes and other proposals for law reform.
Between 1923 and 1944, Restatements of the Law were developed for Agency, Conflict of Laws, Contracts, Judgments, Property, Restitution, Security, Torts, and Trusts. In 1952, the Institute started Restatement Second — updates of the original Restatements with new analyses and concepts with and expanded authorities. In 1987 the a third series of Restatements was started with a new Restatement of the Foreign Relations Law of the United States, The Restatement Third now includes Restatements of Unfair Competition, Property (Mortgages and Servitudes), Suretyship and Guaranty, Torts (Products Liability and Apportionment of Liability), and The Law Governing Lawyers. New Restatements on Agency, Property (Wills and Other Donative Transfers), Restitution and Unjust Enrichment, Trusts, Torts (Liability for Physical Harm), and Employment Law are also being developed as part of Restatement Third.