One of the important features of Blockchain is that it allows the hosting and execution of contracts. Such a contract … in the digital world is known as a Smart Contract. But the process and consequences of a contract vary radically from one …

Contract law treats consumer attention as if it were unlimited. We instead view consumer attention as a scarce resource … information that depletes their attention and prevents competition on contract terms. We propose a novel solution to this market … through a Pigouvian tax on the presentation of a consumer contract, proportionate to the attention costs that reading and …

determined by the principal's investment in drafting an explicit contract. The model is well suited for analyzing the …

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 …

efficiency-based justification for the stark divide between contract liability (strict liability) and tort liability (negligence …Contract law affects behavior not just directly, by ordering damages, but also indirectly, by providing information on … business with the disputants going forward. Contract law thus affects behavior by shaping reputations and facilitating market …

tendency can be reinforced if these social norms are incorporated into a formal contract in the form of guiding principles. We …

. By exploiting the real-option approach, we examine how the inability to force sellers to meet the contract time … when the contract does not provide for any compensation for late-delivery …

value of the employer reputation system for workers, employers, and the market. Specifically, in an experiment that varies … reputation serves as a collateral against opportunism in the absence of contract enforcement …

breach is efficient when performance of a contract generates a negative total surplus for the parties. However, by … different from loss-avoiding breaches. To capture these different motives, we designed a novel game called Contract-Breach Game … remedy. Results from an incentivized laboratory experiment indicate that the motives behind the breach induce sizable …

Rational parties enter into a contract if the agreement is mutually beneficial. However, after the contract is formed …, changes to the costs and/or benefits of performance may render the original contract undesirable. In this paper, we carry out … an incentivized experiment to study the effect of alternative remedies on the parties' ability to renegotiate their …