Executory Contracts, Expectation Damages, and the Economic Analysis of Contract
This chapter aims to discover whether the present law of contract strikes the right balance between formal and substantive reasons. It attempts to answer the question of whether, in a wholly executory contract, should such a contract be binding, the only kind of damages that would be awarded would be damages for loss of expectations since, by hypothesis, there would be no reliance and no benefit which could form the basis of damages. The chapter also examines the extent of expectation damages that should be awarded in cases of executory contracts. Furthermore, this chapter also seeks to study various economic issues on contract law to determine its economic efficiency, as well as discover if economics provides a solid argument for the moral and legal rules underlying executory contracts.
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