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Contract Remedies – Law Essay Papers
These observations invite a simple restatement of the orthodoxaccount of contract: where the allocation of discretion and controlassociated with the efficient performance remedy really is optimal,there will be no separate legal entities to begin with and hence nocontracts. The legal norms associated with orthodox contractlaw—the expectation remedy, the practice of efficient breach,and more generally self-interest side-constrained by good faithrespect for the contractual settlement—may thus be cast asconstitutive of economic coordination by contract.
Contract Law Misrepresentation and Breach of Contract Essay
Moreover, orthodox accounts of contract observe that even if aharm-based theory can successfully explain strict liability forpromise-keeping in a non-circular and yet non-reductive way, thetheory remains unable to explain why contracts create entitlements inrespect not just of reasonable reliance but also in respect ofpromissory expectations. Tort law, after all, remainsbackward-looking: the obligations it contemplates (includingobligations associated with representations concerning currentintentions or future actions) are limited to preventing losses. Andthe remedies it recommends (for example, the damage awardscontemplated in the law of torts) are limited to the compensationnecessary to restore the status quo ante. Contract law bycontrast differs in each of these respects, and the harm-based view,as Scanlon recognizes, must explain why contract requires promisors tosatisfy their promisees’ expectations rather than merely tocompensate disappointed promisees for lost reliance and why contractremedies vindicate contractual expectations rather than merelyreimbursing lost reliance.