An Optional European Contract Law Code: Advantages and Disadvantages
AbstractShould the EU introduce an Optional European Contract Law Code and what should it look like? By applying economic theories of federalism and regulatory competition (legal federalism), it is shown why an Optional Code would be a very suitable legal instrument within a two-level European System of Contract Laws. By allowing private parties choice of law to a certain extent, it can combine the most important advantages of centralisation and decentralisation of competences for legal rules. Through differentiated analyses of three kinds of contract law rules (mandatory substantive rules, mandatory information rules and facilitative law), important conclusions can be reached: which kinds of contract law rules are most suitable to be applied on an optional basis (e.g. facilitative law) and which might be less so (e.g. information regulations). Furthermore a number of additional general conclusions about the design and scope of an Optional EU Code and some conclusions in regard to sales law are derived.
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Bibliographic InfoPaper provided by Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) in its series Marburg Working Papers on Economics with number 200607.
Length: 24 pages
Date of creation: 2006
Date of revision:
Publication status: Forthcoming 2006 in: European Journal of Law and Economics
contract law; European Union; legal federalism; regulatory competition;
Other versions of this item:
- Wolfgang Kerber & Stefan Grundmann, 2006. "An optional European contract law code: Advantages and disadvantages," European Journal of Law and Economics, Springer, vol. 21(3), pages 215-236, May.
- H7 - Public Economics - - State and Local Government; Intergovernmental Relations
- K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
- K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-05-27 (All new papers)
- NEP-EEC-2006-05-27 (European Economics)
- NEP-LAW-2006-05-27 (Law & Economics)
- NEP-PBE-2006-05-27 (Public Economics)
- NEP-REG-2006-05-27 (Regulation)
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