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Economics of Contract Interpretation

In: Research in Law and Economics

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  • Xiaojian Zhao

Abstract

The chapter surveys recent developments in economics of contract interpretation. First, we point out the relevance of issue of contract interpretation to contracting problems. We then introduce a general economic model of contract interpretation. It explains why parties write gaps and fairly general terms in contracts, how the court should interpret them, and whether courts should always enforce what contracting parties write. Moreover, we explain why there are contradictions in contracts.

Suggested Citation

  • Xiaojian Zhao, 2012. "Economics of Contract Interpretation," Research in Law and Economics, in: Research in Law and Economics, pages 61-73, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rlwezz:s0193-5895(2012)0000025007
    DOI: 10.1108/S0193-5895(2012)0000025007
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