Nexus of Contracts Corporation: A Critical Appraisal

Abstract

The fundamental question in any theory of the firm is whether the appropriate unit of analysis is the individual or the group.For a positive gloss on the firm and the problem of conflict between the individual and the group see VinogradoffJuridical Persons, 24 COLUM.L. REV.594, 594 (1924) ("An adjustment between selfish and altruistic tendencies in social life is rendered possible by the fact that men are allied not only by moral insight but by the necessities of business cooperation.").2 Nevertheless corporate law presupposes some theoretical conception: "[W]e must make some pre-legal cognitive peace with the phenomenon of the organization before we can intelligibly tackle the question of its appropriate normative treatment."

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