Private Law Theory

ABSTRACT
Expectation damages as the default remedy in the modern common law of contract developed relatively late, in the mid to late nineteenth century. This lecture will argue that the presence of a stable and standardised currency was an important precursor to the development, because it allowed the non-breaching party to purchase a substitute performance readily. This was all part of the broader ‘Institutional Revolution’ in Britain during the early nineteenth century which led to greater standardisation generally, and more fungible substitute performances.

Barnett, Katy, Keynote address: The Role of Currency in the Development of Modern Expectation Damages in Contract at Common Law, 44th Annual Conference of the Australia and New Zealand Law and History Society: ‘Currency’ (November 29, 2025).