Contracts between Legal Persons
AbstractContract law and the economics of contract have, for the most part, developed independently of each other. In this essay, we briefly review the notion of a contract from the perspective of lawyer, and then use this framework to organize the economics literature on contract. The title, Contracts between Legal Persons, limits the review to that part of contract law that is generic to any legal person. A legal person is any individual, firm or government agency with the right to enter into binding agreements. Our goal is to discuss the role of the law in enforcing these agreements under the hypothesis that the legal persons have well defined goals and objectives.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 5352.
Length: 56 pages
Date of creation: Dec 2010
Date of revision:
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Other versions of this item:
- Lewis A. Kornhauser & W. Bentley MacLeod, 2012.
"Contracts between Legal Persons
[The Handbook of Organizational Economics]," Introductory Chapters, Princeton University Press.
- K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
- J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-12-23 (All new papers)
- NEP-HPE-2010-12-23 (History & Philosophy of Economics)
- NEP-LAW-2010-12-23 (Law & Economics)
- NEP-MIC-2010-12-23 (Microeconomics)
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- MacLeod, W. Bentley & Parent, Daniel, 2013. "Transactions Costs and the Employment Contract in the US Economy," IZA Discussion Papers 7306, Institute for the Study of Labor (IZA).
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