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http://ssrn.com/abstract=610983
 
 

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The Law and Economics of Contract Interpretation


Richard A. Posner


University of Chicago Law School; National Bureau of Economic Research (NBER)

November 2004

U Chicago Law & Economics, Olin Working Paper No. 229

Abstract:     
Contract interpretation is an understudied topic in the economic analysis of contract law. This paper combines simple formal analysis of the tradeoffs involved in interpretation with applications to the principal doctrines of contract interpretation, including the four corners rule, mutual mistake, contra proferentum, and what I call the (informal but very important) rule of extrinsic nonevidence. Gap filling is distinguished, and the relativity of interpretive doctrine to the interpretive medium - jurors, arbitrators, and judges in different kinds of judicial system - is emphasized.

Number of Pages in PDF File: 52

JEL Classification: K12

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Date posted: November 8, 2004  

Suggested Citation

Posner, Richard A., The Law and Economics of Contract Interpretation (November 2004). U Chicago Law & Economics, Olin Working Paper No. 229. Available at SSRN: http://ssrn.com/abstract=610983 or http://dx.doi.org/10.2139/ssrn.610983

Contact Information

Richard A. Posner (Contact Author)
University of Chicago Law School ( email )
1111 E. 60th St.
LBQ 611
Chicago, IL 60637
United States
773-702-9608 (Phone)
773-702-0730 (Fax)
National Bureau of Economic Research (NBER)
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Cambridge, MA 02138
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