In this volume, Victor Goldberg reassesses a collection of key
contract law doctrines, largely through original economic analyses
of well-known cases involving sophisticated parties. The results
are thoughtful and provocative. They leave the impression that the
law might produce more efficient consequences if contractual
liability were more restrictive. Contracts teachers may well teach
these and other cases differently after reading Goldberg's
chapters.' - Steven J. Burton, The University of Iowa, US'This book
offers valuable insights and new perspectives on the often thorny
problems of contract law as it can - and does - affect
'sophisticated parties'. Lawyers as well as academics on both sides
of the Atlantic will welcome the important contribution made here
to the ongoing debates which rage continually within this core area
of the law.' - Phillip Taylor MBE and Elizabeth Taylor, The
Barrister Magazine Contract law allows parties to set their own
rules within constraints. It provides a set of default rules and if
the parties do not like them, they can change them. Rethinking
Contract Law and Contract Design explores various long-standing
contract doctrines, casting them in a new and compelling light by
focusing on the economics of contractual relations. Building upon
and extending the arguments set forth in his acclaimed book Framing
Contract Law, Goldberg revisits many of the seminal contract cases
and places those decisions under close scrutiny, challenging
readers, by means of forensic exploration of records, briefs, and
other materials, to reconsider their conclusions. Split into four
parts, the author examines direct damages, consequential damages,
the excuses doctrines (including impossibility, impracticability
and frustration), and offer and acceptance. Asking the questions
that often go unasked, and challenging the assumptions silently
accepted by the majority, one of Goldberg's many insightful
observations, and an underlying thread to the book, is that
achieving an economic understanding of contract design will
illuminate both contract doctrine and contract interpretation.
Written with clarity and poise, Rethinking Contract Law and
Contract Design is set to ignite plenty of debate amongst contract
scholars and contract drafters, and provides the anvil upon which
future generations of contract thinking can be forged. Contract
scholars and students interested in exploring new perspectives on
the topic will find this to be an essential read, as will contract
lawyers and judges.
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