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 …

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