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 …

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 …

This chapter surveys major issues arising in the economic analysis of contract law. It begins with an introductory … law of contracts. These divisions include freedom of contract (the extent of private power to create binding obligations …), formation of contracts (the procedural mechanics of exchange, and the rules that govern pre-contractual behavior), contract …

In this article it is argued that Scottish contract theory retains distinctive features which are not shared with the … Common Law. The origins of this theory lie in the ‘mixed' nature of its contract law, a mixture established principally … existence of a separate obligation of unilateral promise. It is argued that the nature of Scottish contract theory lends itself …

The majority of American jurisdictions do not allow punitive damages for breach of contract unless the breach … a different rule — one allowing punitive damages for any willful breach of contract.Willful breaches fall into two …