Rethinking Contract Law and Contract Design
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Rethinking Contract Law and Contract Design

  • Rethinking Law series

Victor P. Goldberg

Rethinking Contract Law and Contract Design presents a rich array of ideas that reassess the law and economics of contractual relations. Victor P. Goldberg uses a transactional framework to critically analyse and re-evaluate contract doctrine and specific legal cases. This important work examines particular contractual precepts whilst conducting a detailed exercise in legal archaeology, challenging readers to reconsider significant legal decisions by forensic exploration of records, briefs, and other materials, including the staple cases of textbooks and casebooks.
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Chapter 4: The lost-volume-seller problem and why Michael Jordan wasn’t one

Victor P. Goldberg

Abstract

After WorldCom went bankrupt it rejected Michael Jordan’s endorsement contract. The bankruptcy court rejected Jordan’s claim that he was a “lost volume seller” and also held that he had failed to mitigate damages. This chapter argues that the lost volume claim was properly rejected but that the court misapplied the mitigation doctrine.

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