Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/51588
Authors: 
Kornhauser, Lewis A.
MacLeod, W. Bentley
Year of Publication: 
2010
Series/Report no.: 
Discussion paper series // Forschungsinstitut zur Zukunft der Arbeit 5352
Abstract: 
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 contract law that is generic to any legal person. A legal person is any individual, firm or government agency with the right to enter into binding agreements. Our goal is to discuss the role of the law in enforcing these agreements under the hypothesis that the legal persons have well defined goals and objectives.
Subjects: 
contract law
law and economics
contract breach
contract theory
incomplete contracts
JEL: 
K12
J33
Document Type: 
Working Paper

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