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'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
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.
- Sales Rank: #2937725 in Books
- Published on: 2015-04-27
- Original language: English
- Dimensions: 9.50" h x 6.50" w x .75" l,
- Binding: Hardcover
- 304 pages
Review
'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 essays.' - Steven J. Burton, The University of Iowa, US
About the Author
Victor P. Goldberg, Jerome L. Greene Professor of Transactional Law, Columbia University, US
Most helpful customer reviews
0 of 0 people found the following review helpful.
A radical rethink
By Phillip Taylor MBE
A CURRENT AND RADICAL RETHINK ON CONTRACT LAW: AN IMPORTANT CONTRIBUTION TO THE DEBATE
An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
Victor P. Goldberg, who writes this book, is Jerome L. Greene Professor of Transactional Law at Columbia University. His observations on contract law, which he generally approaches from an economic perspective – are meticulously argued and more often than not, radical.
How appropriate then, that this volume has been included as one of the latest titles in Edward Elgar’s ‘Rethinking Law’ series. Contract doctrines, which most regard as efficient, are, in Professor Goldberg’s view, terribly inefficient in many instances. Just how and why he reaches this conclusion is explained in detail in this thoughtful and analytical work, which is incorporates about a dozen (if you check the index) of the author’s previous essays and articles. Many of these have been revised and presented with new material as a follow-up.
As indicated by the title, the book focusses on how parties to a contract ‘design’ their contractual relations. With such an approach, says Goldberg, the reader can ‘glean… insights into doctrinal reform and contract interpretations.’
Conceivably such a stance is useful in the more complex contractual disputes, which don’t include those involving everyday consumer contracts, or ‘agreements between amateurs’. ‘For my purposes,’ says the author, ‘the category is defined by agreements for which both parties could be expected to have access to counsel.’
The subject matter of the essays contained in the book is diverse and illuminating, as numerous US cases are analysed with a view to reassessing key doctrines in contract law with a view to possible reforms. Yes, the context of the book is American, but its focus throughout is on contract design, as well as, in the words of the author, ‘the economic problems confronting contracting parties and the tools for coping with them.’
The book is divided into four sections to include direct damages… consequential damages… excuse and changed circumstances… (including the excuse doctrine)… and finally offer and acceptance, with reference to specific cases throughout. What seems to emerge throughout these discussions, as you would expect, are inconsistencies, controversies and debate.
For instance, in the first two sections of the book which focus on remedies, the example is cited of two cases in which a book publisher accepted an author’s manuscript, then refused to publish it. In one case, the unfortunate author received a nominal six cents; in the other case, the author won restitution for his or her time of over $300,000. (Sounds like the second author had a better lawyer!)
Certainly 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.
The publication date is cited as at 2015.
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