Behavioral Contract Law

Ulen Thomas S. ()
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Ulen Thomas S.: University of Illinois, Urbana, Champaign, IL, USA

Review of Law & Economics, 2021, vol. 17, issue 2, 281-322

Abstract: This article explores some behavioral findings that are relevant to three areas of contract: formation, performance, and remedies. I compare the rational choice theory analysis of various aspects of contract law with how behavioral findings lead to a change in our understanding of that area of law. A penultimate section considers several criticisms of behavioral economics. A concluding section calls for altering some settled understandings of contract law to accommodate behavioral results and for further research about some still uncertain aspects of contracting.

Keywords: behavioral economics; contract remedies; consumer bias; unconscionability; consumer protection (search for similar items in EconPapers)
JEL-codes: K10 K12 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1515/rle-2021-0067

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