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Foundational Principles of Contract Law$
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Melvin A. Eisenberg

Print publication date: 2018

Print ISBN-13: 9780199731404

Published to Oxford Scholarship Online: October 2018

DOI: 10.1093/oso/9780199731404.001.0001

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The Theory of Overreliance

The Theory of Overreliance

Chapter:
(p.257) Twenty-One The Theory of Overreliance
Source:
Foundational Principles of Contract Law
Author(s):

Melvin A. Eisenberg

Publisher:
Oxford University Press
DOI:10.1093/oso/9780199731404.003.0021

Chapter 21 concerns the theory of overreliance. That theory is as follows: frequently a promisee can increase the profit he will make from a contract by investing in goods or services (for example advertising) that will make the contract more profitable. In the absence of institutional considerations this theory could have significant consequences in formulating the legal rules that govern damages. When institutional considerations are taken into account, however, the theory, although illuminating, has few real-world consequences, especially considering the cases where overreliance is normally impossible, or theoretically possible but very unlikely to occur, or when any reliance would hold its value after breach.

Keywords:   overreliance, theory of overreliance, institutional considerations, damages, profit

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