We relate the design of contract law to the process of development. In this paper, contract law defines which private … levels of effort and trading among agents. The solution to this problem requires a social contract which meets two conditions …: (i) an economywide delegate (judge) responsible for the enforcement of the social contract and (ii) a set of non …

). New contract language also includes dispute resolution provisions (e.g., jury waivers, forum selection clauses) that are …

This paper illustrates the regulatory limits of the mandatory rule in contract law by undertaking an economic analysis … forcing the principal to make a mandatory end payment to the agent on termination of the contract. It is suggests that Article …

two economically equivalent contracts - a fixed-term renewable and an open-ended at-will contract. Each contract provides … partners with full flexibility regarding the length and termination of their interaction. When only one contract type is … contract type. However, when both contracts are available offering a fixed-term instead of an open-ended contract is perceived …

clause is present in practically every contract across a wide range of industries and, in particular, it appears in deals as … economic value of the contract to both parties by reducing uncertainty and litigation risk. We posit that different levels of … that language verbatim into the contract together with other redundant and obsolete terms including, on occasion, terms …

The term “liberty of contract” is usually associated with the doctrine that the due process clause of the United States … free-market advocates embrace the liberty of contract doctrine because they are averse to State interference with private … market transactions. But the term is ironic because a contract is only legally binding if courts will enforce it. Since …

After a contract is signed, contracting partners may engage in opportunistic behavior that circumvents the original … contract). We use an incomplete contracts approach to show that the anticipation and observability of such behavior are … conditions for the optimality of incomplete contracts, a simple characterization of the second-best contract, and some …

This paper studies the design of optimal, privately-stipulated damages when breach of contract is possible at more than … contract at a time closer to when contract performance is due. Furthermore, it is shown that if the seller may be able to find …

Contract law is stuck in a loop of path dependency and stale precedent. Its metaphors, like “the meeting of the minds … deal with the scale and complexity of the digital era, its focus has been on putting parties on notice of contract terms …