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 …

incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or … increasing the quality of law. -- contract ; law and economics ; reputation ; repeated games ; incomplete contracts … ; transactions costs ; institutional economics ; contract enforcement …

example of how markets, as opposed to private negotiations, can be used to determine efficient contract terms. -- law and …