By Peter Benson
Even supposing the legislation of agreement is essentially settled, there's at the moment no widely-accepted complete idea of its major ideas and doctrines or of its normative foundation. This choice of six full-length and unique essays, written via essentially the most eminent students within the box, explores the final thought of agreement legislations from various theoretical views. whereas the essays construct on previous theoretical contributions, in addition they try to take agreement idea extra and recommend new and promising how you can boost thought of agreement legislation.
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Additional resources for The Theory of Contract Law: New Essays
230. 34. I wish to thank Daniel Batista and Sophia Reibetanz for their help with editing this Introduction. " has received many different philosophical answers. One set of answers, of course, comes from the utilitarian tradition. In legal scholarship, these are the answers most often advanced (or presupposed) in the subfield of law and economics. The purpose of this essay is to distinguish two rather different economic theories (or possible theories) within that tradition. The first theory treats enforcement as equivalent to the eventual performance of the promised actions.
Indeed, the same could be said of a third view, which sees contracts not as precursors of some action to take place in the future, but rather as instantly 30. See, for example, I. R. Macneil, "Economic Analysis of Contract Law: Its Shortfalls and the Need for a 'Rich Classificatory Apparatus'" (1981) 75 Nw. U. L. Rev. 1018; I. R. Macneil, "Contracts: Adjustment of Long-Term Economic Relations Under Classical, Neoclassical, and Relational Contract Law" (1978) 72 Nw. U. L. Rev. 854; R. W. Gordon, "Macaulay, Macneil, and the Discovery of Solidarity and Power in Contract Law" (1985) Wis.
Legal Stud. 401. 28. See R. Craswell, "Performance, Reliance, and One-Sided Information" (1989) 18 J. Legal Stud. 365. 29. See, for example, A. M. Polinsky, "Risk Sharing Through Breach of Contract Remedies" (1983) 12 J. Legal Stud. 427. Two Economic Theories of Enforcing Promises 33 doing that, however, it may help to see how this broader theory fits with three other conceptual views of contracts - views that are more often associated with noneconomic perspectives, but which cohere quite nicely with the second economic theory presented here.
The Theory of Contract Law: New Essays by Peter Benson