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Vol 23 No 5 May/June 2018

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Rethinking Contract Law and Contract Design

ISBN13: 9781785368677
Published: February 2016
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Paperback (Hardback in 2015)
Price: £25.00
Hardback edition , ISBN13 9781783471539

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Contract law allows parties to set their own rules within constraints. It provides a set of default rules and if the parties do not like them, they can change them. Rethinking Contract Law and Contract Design explores various long-standing contract doctrines, casting them in a new and compelling light by focusing on the economics of contractual relations.

Building upon and extending the arguments set forth in his acclaimed book Framing Contract Law, Goldberg revisits many of the seminal contract cases and places those decisions under close scrutiny, challenging readers, by means of forensic exploration of records, briefs, and other materials, to reconsider their conclusions.

Split into four parts, the author examines direct damages, consequential damages, the excuses doctrines (including impossibility, impracticability and frustration), and offer and acceptance.Asking the questions that often go unasked, and challenging the assumptions silently accepted by the majority, one of Goldberg's many insightful observations, and an underlying thread to the book, is that achieving an economic understanding of contract design will illuminate both contract doctrine and contract interpretation.

Written with clarity and poise, Rethinking Contract Law and Contract Design is set to ignite plenty of debate amongst contract scholars and contract drafters, and provides the anvil upon which future generations of contract thinking can be forged. Contract scholars and students interested in exploring new perspectives on the topic will find this to be an essential read, as will contract lawyers and judges.

Contract Law, Commercial Law, Other Jurisdictions , USA
1. Introduction

PART I. Direct Damages
2. The Reliance-Flexibility Tradeoff and Remedies for Breach
3. Assessing Damages: Now or Then?
4. The Lost Volume Seller Problem and Why Michael Jordan Wasn't One
5. Six Pennies for Your Thoughts: Freund v. Washington Square Press
6. Freund Through the Looking Glass: Chodos v. West Publishing Co.
7. Cleaning Up Lake River

PART II. Consequential Damages
8. The "tacit assumption" and consequential damages
9. Buffalo's Field of Dreams: Kenford Company v. Erie County
10. The Achilleas: Forsaking Foreseeability

PART III. Excuse and Changed Circumstances
11. Excuse Doctrine: The Eisenberg Uncertainty Principle
12. After Frustration: Three Cheers for Chandler v Webster
13. A Precedent Built on Sand: NorCon v. Niagara Mohawk

PART IV. Offer and Acceptance
14. Brown v. Cara, the Type II Preliminary Agreement, and the Option to Unbundle
15. Traynor (Drennan) v Hand (Baird): Much Ado About (Almost) Nothing
16. Concluding Remarks