Diversity of Contract Law and the European Internal Market

Smits, Jan M.

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Diversity of Contract Law and the European Internal Market

THE NEED FOR A EUROPEAN CONTRACT LAW: EMPIRICAL AND LEGAL PERSPECTIVES, Jan Smits, ed., pp. 153-186, Groningen, 2005

Maastricht Faculty of Law Working Paper No. 2005/9

35 Pages Posted: 2 Nov 2005 Last revised: 23 Aug 2008

See all articles by Jan M. Smits

Jan M. Smits

Maastricht University Faculty of Law - Maastricht European Private Law Institute (M-EPLI)

Date Written: October 2005

Abstract

This contribution discusses the question whether diversity of contract law among the European member states is a barrier to cross-border trade. This question is important in view of the ongoing debate about the need for a unified European private law. It has tried to answer the question by building upon insights from psychology, economics and law. It turns out that no definitive answer can be given to the question whether the savings in transaction costs through the removal of legal diversity are greater than the losses caused by the termination of competition of legal systems.

Keywords: European Private Law, Unification, Interdisciplinary approach

JEL Classification: K12

Suggested Citation: Suggested Citation

Smits, Jan M., Diversity of Contract Law and the European Internal Market (October 2005). THE NEED FOR A EUROPEAN CONTRACT LAW: EMPIRICAL AND LEGAL PERSPECTIVES, Jan Smits, ed., pp. 153-186, Groningen, 2005, Maastricht Faculty of Law Working Paper No. 2005/9, Available at SSRN: https://ssrn.com/abstract=831944