Contract law and the economics of contract have, for the most part, developed independently of each other. In this … essay, we briefly review the notion of a contract from the perspective of lawyer, and then use this framework to organize … the economics literature on contract. The title, Contracts between Legal Persons, limits the review to that part of …

contract theory and are more in line with empirical findings than standard results. We find: First, inequity aversion alters …

incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or …