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Contracts between Legal Persons

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  • Lewis A. Kornhauser
  • W. Bentley MacLeod

Abstract

Contract 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.

Suggested Citation

  • Lewis A. Kornhauser & W. Bentley MacLeod, 2010. "Contracts between Legal Persons," NBER Working Papers 16049, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:16049
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    More about this item

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • 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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