2011•bepress Legal RepositoryOpen access

A Dual Approach to Contract Remedies

Michael D. Knobler

Abstract

Numerous disagreements in contract law stem from the answer to a straightforward definitional question: What is a contract? Is it a mutual commitment to perform, or is it merely a promise to deliver the agreed-upon performance or pay damages, with each choice treated as equally acceptable? Is a contract about the right to obtain an agreed-upon good or service at a given time, or is it about the right to obtain an agreed-upon value at a given time?

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Key concepts: Damages, Harm, Frustration of purpose, Law and economics, Autonomy, Contract theory, Value (mathematics), Exclusion clause