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

achieved by writing a contract that specifies a suffciently high quality level. In contrast, the result by Che and Chung (1999 … hybrid case. We also show that if the quality specified in the contract is too low, 'expectation damages' do not necessarily …

seek money damages or specific performance; or (ii) 'disaffirm' the contract with the remedy of rescission and restitution … recourses. Within this apparent variety lurk two fundamental alternatives. The aggrieved party may (i) 'affirm' the contract and …. This simple dichotomy of contract remedies applies broadly in both common law and civil law practice. We show here that …