If a seller delivers a good non-conforming to contract, European and US warranty law allows consumers to choose between … use non-conformity as a pretext for getting rid of a contract he no longer wants. We show that this possibility of …

A setting of reliance investments is explored where one of the parties to a contract obtains private information … difficult task to award expectation damages corrrectly to a party with private information who sufffers from breach of contract …

contract that specifies only a fixed quantity and a fixed per-unit price can induce efficient investment if marginal cost is … risk of breaching, the first best becomes attainable with a simple price-quantity contract. …

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 …

previously thought. Indeed, modeling 'expectation damages' close to legal practice, we show that the default remedy of contract …

contract law for a setting of cooperative investments. While Che and Chung (1999) have shown that expectation damages perform …

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 …

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 …

Under common law, the standard remedy for breach of contract is expectation damages. Under continental law, the …