Contracts between Legal Persons

62 Pages Posted: 7 Jun 2010 Last revised: 29 Jun 2010

See all articles by Lewis A. Kornhauser

Lewis A. Kornhauser

New York University School of Law

W. Bentley MacLeod

Columbia University - Department of Economics; National Bureau of Economic Research (NBER); IZA Institute of Labor Economics

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Date Written: June 2010

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 review thus provides an overview of the literature for economists who are interested in exploring the economic implications of contract law. 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.

Suggested Citation

Kornhauser, Lewis A. and MacLeod, William Bentley, Contracts between Legal Persons (June 2010). NBER Working Paper No. w16049. Available at SSRN: https://ssrn.com/abstract=1620766

Lewis A. Kornhauser (Contact Author)

New York University School of Law ( email )

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William Bentley MacLeod

Columbia University - Department of Economics ( email )

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National Bureau of Economic Research (NBER)

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IZA Institute of Labor Economics ( email )

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