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Rev. ed. of: Contract enforcement / Edward Yorio. c1989.
This important book tackles the problem of inflation in contract law - whether, and to what extent, contract rules should take inflation into account.
This text discusses theories of recovery, and explains the practicable application of those theories in legal complaints and answers. With all the information students need for both common-law principles of contracts, and Article 2 of the Uniform Commercial Code, this is literally two textbooks in one and can be used for a full year of instruction.
We model imperfect contract enforcement when repudiators and their victims default to spot trading. The interaction between the contract and spot markets under improved enforcement can exacerbate repudiation and reduce contract execution, harming all traders. Improved contract execution benefits traders on the excess side of the spot market by attracting potential counter-parties, but harms them by impeding their exit from contracts found to be unfavorable. Multiple equilibria and multiple optima are possible, with anarchy a local optimum, perfect enforcement a local minimum and imperfect enforcement a global optimum. LDCs exhibit parameter combinations such that imperfect enforcement is optimal from their side of international markets. The model thus rationalizes the internationally varying patterns of imperfect enforceability observable in survey data.
Legal thinkers typically justify contract law on the basis of economics or promissory morality. But Peter Benson takes another approach. He argues that contract is best explained as a transfer of rights governed by a conception of justice. The result is a comprehensive theory of contract law congruent with Rawlsian liberalism.