Comparative Contract Law and Economics

Comparative Contract Law and Economics

New Horizons in Law and Economics series

Mitja Kovač

Comparative Contract Law and Economics provides a deeper understanding of the similarities and differences between the legal systems of France, England, the US and Germany in terms of contract law.

Chapter 5: Summary and Conclusions

Mitja Kovač

Subjects: economics and finance, law and economics, law - academic, commercial law, law and economics, law of obligations


This work is a search for a deeper understanding of the established differences and similarities between the compared legal systems. The application of an economically-inspired optimal model rule as a uniform term of comparison provides additional insights into some of the most frequently discussed legal issues. The assessed topics of pre-contractual duties of disclosure, the phenomena of unforeseen contingencies and the unilateral termination of contracts have triggered the attention of both legal and economics scholars, and are generally considered as some of the persisting legal puzzles. Addressing these issues presented overwhelming challenges. While surveying law and economics literature, and while providing the economically-inspired optimal model rules which were afterwards employed as a uniform term of comparison, the real driving force behind legal changes became evident. The fruitfulness of the approach appears in the objective evaluation framework which produced all the results. The introduction to this book has already provided the reader with a chapterby-chapter overview of the contents of presented essays. In this closing chapter, the main results of the investigations in chapters 2 to 4 will be provided and brought together. Although this implies some repetition, the added value of the overall summary is in enabling a broader perspective where the same developmental pattern from less to more efficient legal practices arises across all three examined topics. The overall summary also enables the reader to identify the wealth maximization principle as the driving force behind judicial decision-making, and shows the coherent repetition of all the other major conclusions...

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