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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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Prizes and Rewards

Prizes and Rewards

Chapter:
(p.485) Thirty-Four Prizes and Rewards
Source:
Foundational Principles of Contract Law
Author(s):

Melvin A. Eisenberg

Publisher:
Oxford University Press
DOI:10.1093/oso/9780199731404.003.0034

Prizes and rewards may be either freely bestowed for achievement, like the Nobel, or awarded as due, like prizes in contests or rewards for the return of lost property. Prizes and rewards that are freely bestowed for achievement normally do not raise issues of contract law because they do not involve promises. Prizes and rewards that are awarded as due constitute offers for unilateral contracts. These prizes and rewards raise two difficult damages issues: (1) What measure of damages should be utilized if the reward or prize is not forthcoming when due? (2) What should be the remedy for the wrongful denial of a contestant’s chance to win a prize?

Keywords:   prizes, rewards, wrongful denial, awarded as due, measure of damages

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