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Introduction

In: Breach of Contract

Author

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  • Oliver Hofmann

    (University of Hamburg)

Abstract

It is an important topic in legal theory and law and economics how contracts and the law should protect the buyer’s entitlement to the performance of a contract. In my work, I analyze the so-called efficient breach scenario: After two parties have concluded a contract the circumstances change rendering the costs of performance higher than the buyer’s valuation. What should the remedy look like to resolve such situations? Acknowledging the complexity of the problem and that there is not the one remedy that serves the parties best under all circumstances my work contributes by analyzing distributional effects and efficiency under specific performance and expectation damages. My work puts a focus on three topics that have not got the deserved attention so far: the influence of the market structure, the informational structure and insights from behavioral economics about human behavior.

Suggested Citation

  • Oliver Hofmann, 2021. "Introduction," International Law and Economics, in: Breach of Contract, chapter 0, pages 1-13, Springer.
    • Handle: RePEc:spr:intchp:978-3-030-62525-2_1
    DOI: 10.1007/978-3-030-62525-2_1
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