We relate the design of contract law to the process of development. In this paper, contract law defines which private agreements are enforceable (i.e. are binding and enforced by courts) and which are not. Specically, we consider an economy where agents face a hold-up problem (moral hazard in...

This paper illustrates the regulatory limits of the mandatory rule in contract law by undertaking an economic analysis of Article 17 of Commercial Agent (Council Directive) Regulation 1993, which aims to benefit the commercial agent by forcing the principal to make a mandatory end payment to the...

This Article offers a new theory of contractual obligation, one which remedies the weaknesses of prior autonomy-based contract theories. Contracts should be understood as transfers of property in a promisor's future actions. Understanding contracts as transfers allows for a theory of contract...

Testation is supposed to be comprehensive: when we die, we pass everything we own to our friends and family. However, a growing number of valuable things defy this principle. From frequent flyer miles to virtual property to email and social media accounts, some assets expressly state that they...

Smart contracts are computer programs used to transfer digital assets according to user-generated specifications. Smart contracts run on decentralized blockchain networks. The fact that smart contracts, a new means for parties to digitally trade, greatly eliminate ex ante promissory obligations...