Protection of Seller's Interests under Buyer's Breach
Canadian Journal of Economics, 1989, vol. 22, issue 4, 910-16
This note concerns the selection of objectives to be held when compensating sellers for buyer's breach. Our legal system employs the objective of the protection of expectation interest, which holds that the seller should be made as well off as he or she would have been had the contract not been broken. Remedies resulting from this objective are very useful as a practical matter, since they indicate to the courts how to achieve the goal they desire. Another possible objective, which would be of academic interest mostly, is economic efficiency. In evaluating the economic efficiency of existing remedies, it is important to consider the effect on the entire market, since the welfare implications of the remedies are often not limited to the two parties to the contract.
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