“I just read Robert Scott’s 2015 Boden Lecture at Marquette Law School, Contract Design and the Shading Problem. For anyone interested in what’s happening in the economic, instrumental and empirical analysis of business-to-business contracts, this is a great place to start. There is a lot of interesting stuff in this piece, but here I want to mention only Scott’s argument that we’ve all been paying too much attention to the theory of efficient breach. This is a remarkable claim from the scholar who, together with Charles Goetz on 1977, coined the term ‘efficient breach’, and did as much as anyone to promote the theory early on. Scott now considers it unsatisfactory for an empirical reason: the theory does not describe most breaches …” (more)
[Greg Klass, New Private Law, 1 March]
First posted 2016-03-02 06:23:14
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