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Behavioral Contract Law

Author

Listed:
  • Ulen Thomas S.

    (University of Illinois, Urbana, Champaign, IL, USA)

Abstract

This article explores some behavioral findings that are relevant to three areas of contract: formation, performance, and remedies. I compare the rational choice theory analysis of various aspects of contract law with how behavioral findings lead to a change in our understanding of that area of law. A penultimate section considers several criticisms of behavioral economics. A concluding section calls for altering some settled understandings of contract law to accommodate behavioral results and for further research about some still uncertain aspects of contracting.

Suggested Citation

  • Ulen Thomas S., 2021. "Behavioral Contract Law," Review of Law & Economics, De Gruyter, vol. 17(2), pages 281-322, July.
    • Handle: RePEc:bpj:rlecon:v:17:y:2021:i:2:p:281-322:n:4
    DOI: 10.1515/rle-2021-0067
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    More about this item

    Keywords

    behavioral economics; contract remedies; consumer bias; unconscionability; consumer protection; K10; K12;
    All these keywords.

    JEL classification:

    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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