TY  - JOUR
AU  - Kornhauser, Lewis A
AU  - MacLeod, W. Bentley
TI  - Contracts between Legal Persons
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 16049
PY  - 2010
Y2  - June 2010
DO  - 10.3386/w16049
UR  - http://www.nber.org/papers/w16049
L1  - http://www.nber.org/papers/w16049.pdf
N1  - Author contact info:
Lewis A. Kornhauser
New York University School of Law
40 Washington Square South, 314E
New York, NY 10012
E-Mail: lewis.kornhauser@nyu.edu

W. Bentley MacLeod
Department of Economics
Columbia University
420 West 118th Street, MC 3308
New York, NY 10027
Tel: 310-571-5083
Fax: 212/854-4782
E-Mail: bentley.macleod@columbia.edu
AB  - Contract law and the economics of contract have, for the most part, developed independently of each other. In this essay, we briefly review the notion of a contract from the perspective of lawyer, and then use this framework to organize the economics literature on contract. The review thus provides an overview of the literature for economists who are interested in exploring the economic implications of contract law. The title, Contracts between Legal Persons, limits the review to that part of contract law that is generic to any legal person. A legal person is any individual, firm or government agency with the right to enter into binding agreements. Our goal is to discuss the role of the law in enforcing these agreements under the hypothesis that the legal persons have well defined goals and objectives.
ER  -