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Contract Law Remedies

1874 Words8 Pages

Remedies to Breach of Contract

Contract Law

Nayona Banerjee

BA Economics Honours

Abstract
The history of the Indian Contract Act,1972, reflects the origin of economic possession in olden era and hence the importance of contract to conduct one’s business. The earlier system that existed in the older times was that of barter system which was built on the same principle. The concept still finds existence in the present world, where it can be found in commercial and economical vies underdeveloped and developed areas. However, the relevancy of such a system in modern times is questioned due to complicated nature of the economic systems as well as the increasing market conditions due to the change in the wants and needs …show more content…

But when there exists a situation of asymmetric information, it arises issues in the contract law and hence makes it inefficient.
To analyze this, Ayres and Talley( 1995) employ game theory to argue that bargaining costs are lower under the liability rules. But criticising them, Kaplow( 1995) argues that in many contracts bargaining is impossible or costly,. Hence the liability rules that dominate the property rules do not lead to lower bargaining …show more content…

(n.d.). Contract Remedies: General. Contract Law and Economics.

• Bebchuk, L., & Png, I. (n.d.). Damage measures for inadvertant breach of contract. International Review of Law and Economics, 319-331.

• Saini, S. (2014). Damages Under Law of Contract: A Remedy or Penalty. 3(11).

• Mcchesney, Fred S. "Tortious Interference with Contract versus "Efficient" Breach: Theory and Empirical Evidence." The Journal of Legal Studies: 131.

• Shavell, Steven (1980), ‘Damage Measures for Breach of Contract’, 11 Bell Journal of Economics,466-490.

• Ayres, Ian and Talley, Eric L. (1995), ‘Solomonic Bargaining: Dividing a Legal Entitlement To Faciliate Coasean Trade’, 104 Yale Law Journal, 1027-1117.

• Barton, John H. (1972), ‘The Economic Basis of Damages for Breach of Contract, 1 Journal of Legal Studies, 277-304.

• Patil, BS. Building and Engineering Contracts. 5th ed. Pune, Maharashtra: Saish, 1972.

• Kaplow, Louis and Shavell, Steven (1995), ‘Do Liability Rules Facilitate Bargaining? A Reply to Ayres and Talley’, 105 Yale Law Journal

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