When is Breaking a Promise Allowed? Contract Law

Akira Saito (), Hiroshi Tanaka () and Yoshinobu Zasu ()
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Akira Saito: Kobe University
Hiroshi Tanaka: Kobe University
Yoshinobu Zasu: Kansai University

Chapter Chapter 7 in Econo-Legal Studies, 2021, pp 149-183 from Springer

Abstract: Abstract A contract is a tool for social and economic cooperation, and adhering to contracts is a universal rule dictated by society. Contracts enable people to coexist and live better and happier lives through voluntary, mutually beneficial economic exchanges. From this perspective, the legal system supporting contracts is desirable from both economics and law perspectives. However, each country’s laws vary greatly, including their methods for addressing and remedying contract breaches. In this chapter, we attempt to clarify why Japanese and English laws differ greatly in their approaches to obligations to mitigate damages (i.e., the other party’s obligation to cooperate to reduce the liability of the breaching contractor) despite having almost identical rules regarding the scope of damages. This chapter also investigates which method is superior from the perspectives of economics and law.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-5145-8_7

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DOI: 10.1007/978-981-16-5145-8_7

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