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This book introduces and develops the paradigm of the organisational contract in European contract law. Suggesting that a more radical distinction should be made between contracts which regulate single or spot exchanges and contracts that organize complex economic activities without creating a new legal entity, the book argues that this distinction goes beyond that between spot and relational contracts because it focuses on the organizational dimension of contracting and its governance features. Divided into six parts, the volume brings together a group of internationally renowned experts to examine the structure of long-term contractual cooperation; networks of contracts; knowledge exchange in long-term contractual cooperation; remedies and specific governance rules in long-term relationships; and the move towards legislation. The book will be of value to academics and researchers in the areas of private law, economic theory and sociology of law, and organizational theory. It will also be a useful resource for practitioners working in international contract law and international business transaction law.
Bringing together a wide range of theory from social and cognitive psychology, organizational behaviour, organizational learning and the management of change, this text draws useful conclusions about important psychological processes.
A graduate textbook on microeconomics, covering decision theory, game theory, and the foundations of contract theory, with a unique focus on the empirical. This graduate-level text on microeconomics, covering such topics as decision theory, game theory, bargaining theory, contract theory, trade under asymmetric information, and relational contract theory, is unique in its emphasis on the interplay between theory and evidence. It reviews the microeconomic theory of exchange “from the ground up,” aiming to produce a set of models and hypotheses amenable to empirical exploration, with particular focus on models that are useful for the study of contracts, institutions, and organizations. It explores research that extends price theory to the exchange of commodities when markets are incomplete, discussing recent developments in the field. Topics covered include the relationship between theory and evidence; decision theory as it is used in contract theory and institutional design; game theory; axiomatic and strategic bargaining theory; agency theory and the class of models that are considered to constitute contract theory, with discussions of moral hazard and trade with asymmetric information; and the theory of relational contracts. The final chapter offers a nontechnical review that provides a guide to which model is the most appropriate for a particular application. End-of-chapter exercises help students expand their understanding of the material, and an appendix provides brief introduction to optimization theory and the welfare theorem of general equilibrium theory. Students are assumed to be familiar with general equilibrium theory and basic constrained optimization theory.
This book introduces and develops the paradigm of the organisational contract in European contract law. Suggesting that a more radical distinction should be made between contracts which regulate single or spot exchanges and contracts that organize complex economic activities without creating a new legal entity, the book argues that this distinction goes beyond that between spot and relational contracts because it focuses on the organizational dimension of contracting and its governance features. Divided into six parts, the volume brings together a group of internationally renowned experts to examine the structure of long-term contractual cooperation; networks of contracts; knowledge exchange in long-term contractual cooperation; remedies and specific governance rules in long-term relationships; and the move towards legislation. The book will be of value to academics and researchers in the areas of private law, economic theory and sociology of law, and organizational theory. It will also be a useful resource for practitioners working in international contract law and international business transaction law.
A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
“One of the most important contributions to the field of contract theory—if not the most important—in the past 25 years.” —Stephen A. Smith, McGill University Can we account for contract law on a moral basis that is acceptable from the standpoint of liberal justice? To answer this question, Peter Benson develops a theory of contract that is completely independent of—and arguably superior to—long-dominant views, which take contract law to be justified on the basis of economics or promissory morality. Through a detailed analysis of contract principles and doctrines, Benson brings out the specific normative conception underpinning the whole of contract law. Contract, he argues, is best explained as a transfer of rights, which is complete at the moment of agreement and is governed by a definite conception of justice—justice in transactions. Benson’s analysis provides what John Rawls called a public basis of justification, which is as essential to the liberal legitimacy of contract as to any other form of coercive law. The argument of Justice in Transactions is expressly complementary to Rawls’s, presenting an original justification designed specifically for transactions, as distinguished from the background institutions to which Rawls’s own theory applies. The result is a field-defining work offering a comprehensive theory of contract law. Benson shows that contract law is both justified in its own right and fully congruent with other domains—moral, economic, and political—of liberal society.
A comprehensive blueprint for the enlightened leader The Leadership Contract is the modern leader's handbook for organizational renewal. Leaders are no longer "rulers," nor are they accidental—in today's business climate, leadership is both a trait and a specific set of skills. It's about trust, commitment, communication, and drive. This book shows you how to become the leader your organization needs. You'll go beyond adopting the habits and practices of an effective leader and actually put it in writing to establish a leadership contract that ensures the success of your company. This revised and updated edition includes new coverage of accountability, personal and organizational levels of the leadership contract, new Gut Check summary questions after each chapter, and additional opening and closing remarks to provide key insight into what the leadership role entails. Recent studies show that only 7 percent of employees have trust and confidence in their senior leaders. How can organizations succeed without the support of their employees? This book aims to build better leaders and establish a true leadership culture that inspires the entire organization. Learn why a leadership contract is needed and what it entails Discover the real impact of your decisions and work ethic Motivate and inspire by making the right connections Facilitate a vibrant, positive culture that innovates and thrives Exceptional leadership is the heart of a successful organization. Employees need to be able to trust in the skills, strategy, judgment, and motivation of those steering the ship. The Leadership Contract provides a blueprint for today's leaders, and guides you toward becoming the leader your employees deserve.
Contract Law: A Case & Problem-Based Approach is a unique casebook that provides an organizational structure introducing students to each major area of contract law before exploring these areas in greater depth later in the casebook. Specifically, the casebook is broken into three major parts, each of which is designed not only to orient the students to the major subject areas of contract law but also meant to help them appreciate the connections and relationships between and among these various subject areas. Part I, the “30,000-foot view,” familiarizes students with contract law, discusses the sorts of problems with which contract law is concerned, and introduces them to some of the basic rules and theories governing contract law. Part II, the “10,000-foot view,” exposes students to each major substantive area of contract law in more depth by discussing one classic case in each area, along with additional historical, theoretical, and contextual materials to supplement the black-letter doctrine. After finishing Parts I and II, the student will have a basic understanding of each major area of contract law, along with a good understanding of how these parts fit together. Part III is therefore designed to explore each of the major subject areas in greater depth, and is organized along the lines of a traditional contracts casebook, including a healthy mix of classic and modern cases, short problems, and exercises. New to the Second Edition: Additional materials and cases added to explore the contract doctrines of impossibility and impracticability in light of past and current epidemics (in the case of polio) and pandemics (in the case of COVID-19). Additional case added to explore the relationship between Contract Law, Civil Rights, and Constitutional Law. Reorganization of some materials in Chapter 8 (defenses). More focused notes and appendices Professors and student will benefit from: Organization exposes students to main concepts, and gives professors a number of choices about how to teach their course. Helpful doctrinal introductions to each new major substantive section. Historical, theoretical, and comparative materials are presented to help students understand and think critically about the black-letter rules. “Thinking tools” feature that helps the student think critically about the law, along with theoretical, historical, doctrinal, contextual, and practice-oriented notes enrich the students’ black-letter experience. Enjoyable, contextual materials that are included after a number of classic cases help to bring to light fascinating background information.