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Economics of Contract Law

Cento Veljanovski

Case Associates; Institute of Economic Affairs

ECONOMIC PRINCIPLES OF LAW, Cento Veljanovski, Cambridge University Press, 2007

This paper provides an introduction to the economics of contract law. It begins by setting out the basic elements of the economics of contract, contractual problems, and abuses. It then examines the purpose of contract law, its various doctrines (eg. consideration, disclosure and mistake) and remedies (specific performance and different damage measures such as expectation, restitution, completion, liquidated and non-pecuniary damages) evaluated in terms of their impact on efficient breach, efficient reliance, risk-bearing and compensation. The discussion serves as a non-technical introduction for lawyers to this important branch of the common law. The paper forms the contract chapter of the Economic Principles of Law published in June 2007. The full text can be obtained via the Cambridge University Press website.

Number of Pages in PDF File: 79

Keywords: economics of law, contract, contract damages

JEL Classification: K10, K11, K14, K21, K32

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Date posted: July 29, 2007  

Suggested Citation

Veljanovski, Cento, Economics of Contract Law. Available at SSRN: https://ssrn.com/abstract=1003434

Contact Information

Cento Veljanovski (Contact Author)
Case Associates ( email )
96 Kensington High Street
London, W8 4SG
United Kingdom
+44 (0)20 73764418 (Phone)
HOME PAGE: http://www.casecon.com
Institute of Economic Affairs
2 Lord North Street, Westminster
London, SW1P 3LB
United Kingdom
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