Can Blockchain Solve the Hold-up Problem in Contracts? (Cambridge Elements: Elements in Law, Economics and Politics) - Softcover
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We show how blockchain as a new contracting technology can improve contracting outcomes without the involvement of courts.
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Can Blockchain Solve the Hold-up Problem in Contracts?
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Cambridge University Press, 2021
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ISBN 13: 9781009001397
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Can Blockchain Solve the Hold-up Problem in Contracts?
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Can Blockchain Solve the Hold-up Problem in Contracts?
Verlag:
Cambridge University Press, GB, 2021
ISBN 10: 1009001396
ISBN 13: 9781009001397
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Paperback. Zustand: New. A vexing problem in contract law is modification. Two parties sign a contract but before they fully perform, they modify the contract. Should courts enforce the modified agreement? A private remedy is for the parties to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. Provisions accomplishing these ends are renegotiation-design and revelation mechanisms. But implementing them requires commitment power. Conventional contract technologies to ensure commitment - liquidated damages - are disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts. We address the hurdles courts may impose to use of smart contracts on blockchain and show that sophisticated parties' ex ante commitment to them may lead courts to allow their use as pre-commitment devices. Bestandsnummer des Verkäufers LU-9781009001397
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Can Blockchain Solve the Hold-up Problem in Contracts? (Elements in Law, Economics and Politics)
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CAN BLOCKCHAIN SOLVE THE HOLDUP PROBLEM
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Can Blockchain Solve the Hold-up Problem in Contracts?
Verlag:
Cambridge University Press, GB, 2021
ISBN 10: 1009001396
ISBN 13: 9781009001397
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Paperback
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Paperback. Zustand: New. A vexing problem in contract law is modification. Two parties sign a contract but before they fully perform, they modify the contract. Should courts enforce the modified agreement? A private remedy is for the parties to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. Provisions accomplishing these ends are renegotiation-design and revelation mechanisms. But implementing them requires commitment power. Conventional contract technologies to ensure commitment - liquidated damages - are disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts. We address the hurdles courts may impose to use of smart contracts on blockchain and show that sophisticated parties' ex ante commitment to them may lead courts to allow their use as pre-commitment devices. Bestandsnummer des Verkäufers LU-9781009001397
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Can Blockchain Solve the Hold-up Problem in Contracts?
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Can Blockchain Solve the Hold-up Problem in Contracts? (Paperback)
Verlag:
Cambridge University Press, Cambridge, 2021
ISBN 10: 1009001396
ISBN 13: 9781009001397
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Paperback. Zustand: new. Paperback. A vexing problem in contract law is modification. Two parties sign a contract but before they fully perform, they modify the contract. Should courts enforce the modified agreement? A private remedy is for the parties to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. Provisions accomplishing these ends are renegotiation-design and revelation mechanisms. But implementing them requires commitment power. Conventional contract technologies to ensure commitment liquidated damages are disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts. We address the hurdles courts may impose to use of smart contracts on blockchain and show that sophisticated parties' ex ante commitment to them may lead courts to allow their use as pre-commitment devices. Conventional contract technologies to ensure commitmentliquidated damagesare disfavored by courts and themselves subject to renegotiation. Smart contracts written on blockchain ledgers offer a solution. We explain the basic economics and legal relevance of these technologies, and we argue that they can implement liquidated damages without courts. This item is printed on demand. Shipping may be from multiple locations in the US or from the UK, depending on stock availability. Bestandsnummer des Verkäufers 9781009001397
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Can Blockchain Solve the Hold-up Problem in Contracts?
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Can Blockchain Solve the Hold-up Problem in Contracts? (Elements in Law, Economics and Politics)
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