Economic Analysis of Contract Law
Economic Analysis of Contract Law

Author: Sugata Bag

Publisher: Springer

Published: 2018-01-24

Total Pages: 215

ISBN-13: 3319652680

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This book examines the main issues arising in economic analysis of contract law with special attention given to the incomplete contracts. It discusses both the main features of contract law as they relate to the problem of economic exchange, and how the relevant legal rules and the institutions can be analysed from an economic perspective. Evaluate the welfare impacts, analyses the effects and the desirability of different breach remedies and examines the optimal incentive structure of party-designed liquidated damages under the different dimensions of informational asymmetry. Overall the book aims to contribute to the legal debate over the adoption of the specific breach remedies when the breach victim’s expectation interest is difficult to assess, and to the debate over courts' reluctance to implement large penalties in the event of breach of contracts.

Calamari and Perillo on Contracts
Calamari and Perillo on Contracts

Author: Joseph M. Perillo

Publisher: West Academic Publishing

Published: 2009

Total Pages: 994

ISBN-13:

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The expert author provides a detailed treatment of the basic rules, principles, and issues in contracts. Topics covered include offer and acceptance, parol evidence and interpretation, consideration, promissory estoppel, contracts under seal, capacity of parties, conditions, performance, and breach. The author also discusses damages, avoidance and reformation, third-party beneficiaries, assignments, and the statute of frauds. The discharge of contracts and illegal bargains are also the subject of separate chapters.

Contractual Renegotiations and International Investment Arbitration
Contractual Renegotiations and International Investment Arbitration

Author: Aikaterini Florou

Publisher: BRILL

Published: 2020-03-02

Total Pages: 261

ISBN-13: 9004407472

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In Contractual Renegotiations and International Investment Arbitration, Aikaterini Florou explores the sensitive issues of renegotiating state contracts and the relationship between those contracts and the overarching international investment treaties. By introducing novel insights from economics, the author deconstructs the contract-treaty interaction, demonstrating that it is not only treaties that impact the underlying contracts, but also that those contracts have an effect on the way the open-textured treaty standards are interpreted. The originality of the argument is combined with an innovative interpretative methodology based on relational contract theory and transaction cost economics. Departing from the traditional emphasis of international lawyers on the text of investment contracts, Florou shows instead that such contracts are first and foremost “economic animals” and the theory of obsolescing bargaining does not paint a full picture of the contract-treaty interaction.

Contract Law Minimalism
Contract Law Minimalism

Author: Jonathan Morgan

Publisher: Cambridge University Press

Published: 2013-11-07

Total Pages: 314

ISBN-13: 110747020X

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Commercial contract law is in every sense optional given the choice between legal systems and law and arbitration. Its 'doctrines' are in fact virtually all default rules. Contract Law Minimalism advances the thesis that commercial parties prefer a minimalist law that sets out to enforce what they have decided - but does nothing else. The limited capacity of the legal process is the key to this 'minimalist' stance. This book considers evidence that such minimalism is indeed what commercial parties choose to govern their transactions. It critically engages with alternative schools of thought, that call for active regulation of contracts to promote either economic efficiency or the trust and co-operation necessary for 'relational contracting'. The book also necessarily argues against the view that private law should be understood non-instrumentally (whether through promissory morality, corrective justice, taxonomic rationality, or otherwise). It sketches a restatement of English contract law in line with the thesis.

Can Blockchain Solve the Hold-up Problem in Contracts?
Can Blockchain Solve the Hold-up Problem in Contracts?

Author: Richard Holden

Publisher: Cambridge University Press

Published: 2021-11-18

Total Pages: 94

ISBN-13: 100902017X

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A vexing problem in contract law is modification. Two parties sign a contract but before they fully perform, they modify the contract. Should courts enforce the modified agreement? A private remedy is for the parties to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. Provisions accomplishing these ends are renegotiation-design and revelation mechanisms. But implementing them requires commitment power. Conventional contract technologies to ensure commitment – liquidated damages – are disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts. We address the hurdles courts may impose to use of smart contracts on blockchain and show that sophisticated parties' ex ante commitment to them may lead courts to allow their use as pre-commitment devices.

Contract Law and Economics
Contract Law and Economics

Author: Gerrit de Geest

Publisher: Edward Elgar Publishing

Published: 2010-10

Total Pages: 497

ISBN-13: 1849806640

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This unique and timely book offers an up-to-date, clear and comprehensive review of the economic literature on contract law. The topical chapters written by leading international scholars include: precontractual liability, misrepresentation, duress, gratuitous promises, gifts, standard form contracts, interpretation, contract remedies, penalty clauses, impracticability and foreseeability. Option contracts, warranties, long-term contracts, marriage contracts, franchise contracts, quasi-contracts, behavioral approaches, and civil contract law are also discussed. This excellent resource on contract law and economics will be particularly suited to contract law scholars, law teachers, policy makers, and judges. For experts in and practitioners of contract law this will be a key book to buy.

Firms, Contracts, and Financial Structure
Firms, Contracts, and Financial Structure

Author: Oliver Hart

Publisher: Clarendon Press

Published: 1995-10-05

Total Pages: 244

ISBN-13: 0191521728

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This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.

The Nature of the Firm
The Nature of the Firm

Author: Oliver E. Williamson

Publisher: Oxford University Press, USA

Published: 1993

Total Pages: 260

ISBN-13: 9780195083569

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This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.