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 …

experiment, we study behavior in a contract farming game without third-party enforcement but with an external spot market as … outside option. Two players, farmer and company, may conclude a contract but also breach it by side-selling or arbitrary …-order enforcement. Moreover, we investigate whether company players offer price premiums to extend the contract’s self-enforcing range …

In most Western legal systems, contract law, to some extent, requires parties to act in consideration of the … enforcement of contracts has grown into almost every aspect of contract law in almost every state. It has a statutory basis as a …