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Scholars have been debating for years the comparative advantage of damages and specific performance. Yet, most work has compared a single remedy contract to another single remedy contract. But contract law provides the non-breaching party with a variety of optional remedies to choose from in case of a breach, and parties themselves regularly write contracts which provide such options. In this article, we start filling this gap by studying multi-remedy contracts. Specifically, we compare a contract that grants the non-breaching party an option to choose between liquidated damages and specific performance with an exclusive remedy contract, which restricts the non-breaching party's remedy to liquidated damages only.

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The Explanation of Incomplete Contracts in Mainstream Contract Theory: A Critique of the Distinction between “Observable” and “Verifiable”

Lind

Nyström

2011

Evolut Inst Econ Rev

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Cited by 8 publications

References 15 publications

No Judge, No Job! Court errors and the contingent labor contract

No Judge, No Job! Court errors and the contingent labor contract

Incomplete Contracts with Asymmetric Information: Exclusive Versus Optional Remedies

The Explanation of Incomplete Contracts in Mainstream Contract Theory: A Critique of the Distinction between “Observable” and “Verifiable”

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