Economics as Context for Contract Law
This short essay conducts a review of Victor Goldberg's 2006 book entitled Framing Contract Law. Part I offers a basic overview of Goldberg's analysis, along with several detailed illustrations of his methodological approach. Part II then devotes sustained attention to one of the book's core themes - the relationship of option theory to contract law - to consider how a better understanding of economic incentives can improve legal decisions. Part III refocuses the discussion by raising some thorny design questions that must be addressed before the contract law canvas can be comfortably mounted on an economic frame.