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CONTRACTS LAW IN ASIA CONTRACTS LAW & DISCRETE VS. RELATIONAL PROBLEM

CONTRACTS LAW IN ASIA CONTRACTS LAW & DISCRETE VS. RELATIONAL PROBLEM. Prof David K. Linnan Class Two- LAW E506 01/07/04. MANULIFE HIDDEN THEMES. WHAT ABOUT Formal Enforcement Systems & Economic Activity?. MANULIFE HIDDEN THEMES. WHAT ABOUT

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CONTRACTS LAW IN ASIA CONTRACTS LAW & DISCRETE VS. RELATIONAL PROBLEM

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  1. CONTRACTS LAW IN ASIACONTRACTS LAW & DISCRETE VS. RELATIONAL PROBLEM Prof David K. Linnan Class Two- LAW E506 01/07/04

  2. MANULIFE HIDDEN THEMES WHAT ABOUT • Formal Enforcement Systems & Economic Activity?

  3. MANULIFE HIDDEN THEMES WHAT ABOUT • Character of Formal vs. Informal Enforcement Systems (instead of just courts alone, foreign vs. domestic courts, vs. arbitration, vs. quasi-public or political risk insurance (OPIC, Hermes, etc.), vs. business reputation?

  4. MANULIFE HIDDEN THEMES WHAT ABOUT • Formally, (most) Asian law systems are Civil Law in origin either due to colonial history or modernization approaches (perhaps mixed now)?

  5. MANULIFE HIDDEN THEMES WHAT ABOUT 4. Balancing formal legal system claims re indigenous law vs. formalism of Civil Law (plus enforcement issues, plus legal pluralism) ?

  6. MANULIFE HIDDEN THEMES WHAT ABOUT • Arguments about cultural vs. economic explanations of social behavior including law?

  7. MANULIFE HIDDEN THEMES WHAT ABOUT 6. Prob. of discrete contract law (neo-classical microeconomics) vs. relational business in the rule & enforceability of promises generally?

  8. MANULIFE HIDDEN THEMES WHAT ABOUT • Role of the State in the Economy which is a different creature than private parties (public int’l law sovereign immunity vs. Continental pattern administrative courts & law)?

  9. DISCRETE/RELATIONAL UNDERLYING POINTS Contracts law’s picture of discrete transactions & individual utility maximization does not match observed relational business patterns What is the function of a contract?

  10. DISCRETE/RELATIONAL UNDERLYING POINTS Underlying issue of Coasean problem of economic activity’s organization in firm vs. market form Relation to contracts law? Kinds of contracts? Relation to dispute resolution? Kinds of disputes and specificity of contract?

  11. DISCRETE/RELATIONAL UNDERLYING POINTS As an aside Atiyah talking about open-ended terms vs. Westinghouse 2-615 commercial impracticability why?

  12. DISCRETE/RELATIONAL UNDERLYING POINTS Transaction cost analysis bias towards no costs & individual utility maximization Cooperation as other model, bounded rationality rather than homo economicus (Williamson) What would you expect to happen?

  13. HISCOCK Hiscock re on-going law reform & commercial law Is her traditional analysis different? How? Why?

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