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Institutional competition of optional codes in European contract law

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  • Alexander Wulf

Abstract

The Common European Sales Law (CESL) is the European Commission’s most recent policy initiative for European contract law. It aims to address the problem that differences between the national contract laws of the Member States may constitute an obstacle for the European Internal Market. This paper develops a model of the institutional competition in European contract law and uses it to addresses the question as to whether an optional European contract code and the CESL are economically desirable for European contract law. To do so I examine the transaction costs involved in the process of choosing an applicable law that European businesses face when they conduct cross-border transactions in the European Internal Market. I then describe how these transaction costs shape the competitive environment, i.e. what I refer to as the “European market for contract laws” in which the contracting parties choose a law to govern their cross-border contracts. Having identified this environment and the competitive forces operating within it, I propose a model, the “Cycle of European Contract Law”. I use this model to analyze the competitive processes that take place in the European market for contract laws. Based on my results I make recommendations for the optimal implementation of an optional European contract code and the CESL in European contract law. Copyright Springer Science+Business Media New York 2014

Suggested Citation

  • Alexander Wulf, 2014. "Institutional competition of optional codes in European contract law," European Journal of Law and Economics, Springer, vol. 38(1), pages 139-162, August.
    • Handle: RePEc:kap:ejlwec:v:38:y:2014:i:1:p:139-162
    DOI: 10.1007/s10657-014-9439-y
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    References listed on IDEAS

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    1. Christoph U. Schmid, 2001. "Legitimacy Conditions for a European Civil Code," EUI-RSCAS Working Papers 14, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
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    Cited by:

    1. Hans-Bernd Schäfer & Alexander J. Wulf, 2022. "Premature repayment of fixed interest mortgage loans without compensation, a case of misguided consumer protection in the EU," European Journal of Law and Economics, Springer, vol. 53(2), pages 175-208, April.
    2. Alexander J. Wulf & Ognyan Seizov, 2023. "How to improve consumers’ understanding of online legal information: insights from a behavioral experiment," European Journal of Law and Economics, Springer, vol. 56(3), pages 559-584, December.

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      Keywords

      Law and Economics; Institutional competition; European Union; European contract law; Common European Sales Law; Choice of law; K12;
      All these keywords.

      JEL classification:

      • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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