Lewis A. Kornhauser
New York University School of Law
40 Washington Square South, 314E
New York, NY 10012
Institutional Affiliation: New York University
NBER Working Papers and Publications
|June 2010||Contracts between Legal Persons|
with W. Bentley MacLeod: w16049
Contract law and the economics of contract have, for the most part, developed independently of each other. In this essay, we briefly review the notion of a contract from the perspective of lawyer, and then use this framework to organize the economics literature on contract. The review thus provides an overview of the literature for economists who are interested in exploring the economic implications of contract law. The title, Contracts between Legal Persons, limits the review to that part of contract law that is generic to any legal person. A legal person is any individual, firm or government agency with the right to enter into binding agreements. Our goal is to discuss the role of the law in enforcing these agreements under the hypothesis that the legal persons have well defined goals an...
Published: “Contracts between Legal Persons,” with Lewis Kornhauser, in The Hand- book of Organizational Economics , Robert Gibbons and John Roberts, editors, December 2012, Princeton University Press, Princeton, NJ.