Readings in the Economics Contract Law » (1st Edition)

This collection brings together some of the main contributions to an important area of this work, the economics of contract law.

Part

1. Some Preliminaries:

1. Non-contractual relations in business: a preliminary study Stewart Macaulay;
2. Relational exchange: economics and complex contracts Victor P. Goldberg;
3. Production functions, transactions costs, and the new institutionalism Victor P. Goldberg;
4. The market for 'lemons': quality uncertainty and the market mechanism George A. Akerlof;
5. A treatise on the law of marine insurance and general average, volume 1 Theophilus Parsons;
6. The economics of moral hazard: comment Mark V. Pauly;
7. The economics of moral hazard: further comment Kenneth J. Arrow;
8. Efficient rent seeking Gordon Tullock; Questions and notes on rent seeking;

Part II. Contract Law and the Least Cost Avoider:
9. Unity in tort, contract, and property: the model of precaution Robert Cooter;
10. The mitigation principle: toward a general theory of contractual obligation (1) Charles J. Goetz and Robert E. Scott;
11. Relational exchange, contract law and the Boomer problem (1) Victor P. Goldberg; Questions and notes on the least cost avoider;

Part III. The Expectation Interest, the Reliance Interest and Consequential Damages: A. Property in Price;
12. The reliance interest in contract damages Lon Fuller and William Perdue;
13. Note on price information and enforcement of the expectation interest Victor P. Goldberg; Questions and notes on protecting the property interest in the price; B. Reliance and Consequential Damages;
14. The contract-tort boundary and the economics of insurance William Bishop;
15. Notes on the reliance interest Robert Birmingham; Questions and notes on fault,consequential damages and reliance;

Part IV. The Lost-Volume Seller Puzzle:
16. An economic analysis of the lost-volume retail seller Victor P. Goldberg; Questions and notes on the seller's lost profits;

Part V. Specific Performance and the Cost of Completion:
17. The choice of remedy for breach of contract William Bishop;
18. Relational exchange, contract law and the Boomer problem Victor P. Goldberg;
19. Cost of completion or diminution in market value: the relevance of subjective value Timothy J. Muris; Questions and notes on specific performance and cost of completion;

Part VI. Power, Governance and the Penalty Clause Puzzle:
20. Transaction cost determinants of 'unfair' contractual arrangements Benjamin Klein;
21. A relational exchange perspective on the employment relationship Victor P. Goldberg;
22. Liquidated damages versus penalties: sense or nonsense? Kenneth W. Clarkson, Rober Leroy Miller and Timothy J. Muris;
23. Further thoughts on penalty clauses Victor P. Goldberg; Questions and notes on power and penalty clauses;

Part VII. Standard Forms and Warranties:
24. Institutional change and the quasi-invisible hand Victor P. Goldberg;
25. A theory of the consumer product warranty George L. Priest; Questions and notes on warranties;

Part VIII. Duress, Preexisting Duty and Good Faith Modification:
26. Duress by economic pressure John Dalzell;
27. Gratuitous promises in economics and law Richard A. Posner;
28. The mitigation principle: toward a general theory of contractual obligation Charles J. Goetz and Robert E. Scott;
29. The law of contract modifications: the uncertain quest for a benchmark of enforceability Varouj A. Aivazian, Michael J. Trebilcock and Michael Penny; Questions and notes on duress;

Part IX. Impossibility, Related Doctrines and Price Adjustment:
30. Impossibility and related doctrines in contract law: an economic analysis Richard A. Posner and Andrew M. Rosenfield;
31. Impossibility and related excuses Victor P. Goldberg;
32. Price adjustment in long-term contracts Victor P. Goldberg; Questions and notes on impossibility and price adjustment; References; Indexes.