The Law and Economics of Contract Damages

Douglas G. Baird

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Law, Economics, and Judicial Systems Legal principles and applications Legal and Constitutional Studies

Abstract

Those of us who study contracts tend to forget that most people keep the promises they make. Contract law matters because of the way it affects the behavior of everyone who enters into a contract, not just those who end up in court. In this talk, I want to show that law and economics is useful for exactly this reason. It helps us to identify the effects that legal rules have on behavior.

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References

1993What Do Judges and Justices Maximize? (The Same Thing Everybody Else Does)1993Sequential versus Unitary Trials: An Economic Analysis 1995Explicit Reasons for Implicit Contracts: The Legal Logic to the Japanese Main Bank System 1993Bankruptcy Rules, Managerial Entrenchment, and Firm-Specific Human Capital 1992Copyright Protection of Letters, Diaries, and Other Unpublished Works: An Economic Approach 1992Security Interests, Misbehavior, and Common Pools 1995Budget Deficits and the Intergenerational Distribution of Lifetime Consumption

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