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 review thus provides an overview of the literature for economists who are interested in exploring the economic implications of contract law. 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 National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16049.
Date of creation: Jun 2010
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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.
- D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
- D2 - Microeconomics - - Production and Organizations
- K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
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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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