Contract law allows parties to set their own rules within constraints. It provides a set of default rules and if the parties do not like them, they can change them. Rethinking Contract Law and Contract Design explores various long-standing contract doc

Written by one of the leading contributors to the relational theory of contract, Contractual Relations authoritatively explains the form of the existing law of contract by relating it to its economic, legal, and sociological foundations. This volume demonstrates that economic exchange and legal contract rest on a moral relationship by which each party legitimately pursues its self-interest through recognition of the self-interest of the author. This essential relationship of mutual recognition is in stark contrast to the pursuit of solipsistic self-interest that is central to the classical law of contract. Self-interest of this sort is not morally defensible, nor does it enhance economic welfare. It is for these reasons that the classical law is legally incoherent. The fundamental inadequacies of the classical law's treatment of agreement, consideration, and remedy have emerged as the doctrines of the positive law of contract have been progressively developed to give effect to the relationship of mutual recognition. The welfarist criticism of the classical law has, however, failed to develop a workable concept of self-interest, and so is at odds with what must be retained from the classical law's facilitation of economic exchange and the market economy. The relational law of contract restates self-interest in a morally, economically, and legally attractive manner as the foundation of the social market economy of liberal socialism. Contractual Relations is a fundamental critique of the classical law of contract and the welfarist response to the classical law, and an important statement of the relational theory of contract. This is a thoughtful and essential work for academics and research students in law, economics, and sociology.

COVID-19 has changed not only human lives since the beginning of the year 2020, but systems of human society as well. Legal measures have been employed in every country to mandate the state’s control of human behavior in order to stop the pandemic. But the mode of legal control has differed by country, showing different results in terms of constraining the spread of infection. While the behavioral restrictions continue, the socio-economic impacts of the pandemic have been causing another catastrophe, particularly in the most vulnerable sectors of each society. Small and medium-sized enterprises (SMEs) are typical representatives of such vulnerable groups, compelled to assume the economic burdens of the pandemic that have been shifted from the larger economic actors that hold the advantage in contractual negotiations. Statistical data on infection status have revealed a great gap between countries, such as European nations reaching the level of several thousand deaths per one hundred thousand population, while most Asian countries have maintained a level of one or two digits. Even though COVID-19 affects the whole world, the redistribution of risks in the pandemic is a goal to be pursued in the socio-cultural context of each society. This book explores the law and social changes in Asian countries under the impact of COVID-19, with a particular focus on the social relations surrounding the SMEs. These form the center of contractual relations between various socio-economic actors and at the same time, are a direct counterpart of the governmental SME policies, peculiar to Asian interventionist governments. A comparative approach is taken, using the results of interview surveys based on structured questions conducted via research collaboration between the contributors from Japan as well as other Asian countries. A comparative analysis of the risk redistribution in the pandemic between countries that share similar preconditions is still possible and meaningful. The authors of this book hold the view that Asian countries have sufficient bases for international comparison, particularly on the risk reallocation in the SME sector, given the relatively well-controlled level of infection, presumably due to the similarity of cooperative social culture. Another basis for comparison is the similarity of the laws surrounding the business operation of SMEs since normal times, which makes it feasible to compare the difference in the pandemic. What risks should be reallocated between whom, and how?

Bringing together a wide range of theory from social and cognitive psychology, organizational behaviour, organizational learning and the management of change, this text draws useful conclusions about important psychological processes.

“One of the most important contributions to the field of contract theory—if not the most important—in the past 25 years.” —Stephen A. Smith, McGill University Can we account for contract law on a moral basis that is acceptable from the standpoint of liberal justice? To answer this question, Peter Benson develops a theory of contract that is completely independent of—and arguably superior to—long-dominant views, which take contract law to be justified on the basis of economics or promissory morality. Through a detailed analysis of contract principles and doctrines, Benson brings out the specific normative conception underpinning the whole of contract law. Contract, he argues, is best explained as a transfer of rights, which is complete at the moment of agreement and is governed by a definite conception of justice—justice in transactions. Benson’s analysis provides what John Rawls called a public basis of justification, which is as essential to the liberal legitimacy of contract as to any other form of coercive law. The argument of Justice in Transactions is expressly complementary to Rawls’s, presenting an original justification designed specifically for transactions, as distinguished from the background institutions to which Rawls’s own theory applies. The result is a field-defining work offering a comprehensive theory of contract law. Benson shows that contract law is both justified in its own right and fully congruent with other domains—moral, economic, and political—of liberal society.

Complex Contracting draws on core social science concepts to provide wide-ranging practical advice on how best to manage complex acquisitions. Using a strong analytical framework, the authors assess contract management practices, suggesting strategies for improvement and ways to avoid the pitfalls of managing contracts for large and sophisticated projects. An in-depth analysis of the US Coast Guard's Deepwater program is included to illustrate ways to respond to real-world contracting challenges. This high-profile and controversial case consisted of a projected 25-year, $24 billion contract through which the US Coast Guard would buy a system of new boats, aircraft, communications, and control architecture to replace its aging fleet. The authors explore the reasons why this program, launched with such promise, turned out so poorly, and apply the lessons learned to similarly complex contracting scenarios. This engaging and accessible book has broad applicability and will appeal to policymakers, practitioners, scholars and students.

In recent years there has been a revival of interest in the philosophical study of contract law. In 1981 Charles Fried claimed that contract law is based on the philosophy of promise and this has generated what is today known as 'the contract and promise debate'. Cutting to the heart of contemporary discussions, this volume brings together leading philosophers, legal theorists, and contract lawyers to debate the philosophical foundations of this area of law. Divided into two parts, the first explores general themes in the contract theory literature, including the philosophy of promising, the nature of contractual obligation, economic accounts of contract law, and the relationship between contract law and moral values such as personal autonomy and distributive justice. The second part uses these philosophical ideas to make progress in doctrinal debates, relating for example to contract interpretation, unfair terms, good faith, vitiating factors, and remedies. Together, the essays provide a picture of the current state of research in this revitalized area of law, and pave the way for future study and debate.