Language and Contract

Oren Sussman

Journal of Institutional and Theoretical Economics (JITE), 1998, vol. 154, issue 2, 384-

Abstract: A civic society is distinguished by its language and its law. In this paper I suggest a theory that links these institutions via the notion of a standard contract. The theory is based upon two observations: that contracts are compiled in words, and that more common (standardized) words are easier to comprehend than less common ones. I will argue that these observations have far-reaching implications: that private contracting is restricted by past history, and that the State should play a role in the formation of contractual and legal standards.

JEL-codes: D23 G20 N20 O10 (search for similar items in EconPapers)
Date: 1998
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