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    Optimal Penalties in Contracts

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    Optimal_Penalties_in_Contracts.pdf
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    Author
    Schwartz, Alan
    Edlin, Aaron
    
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    URI
    http://hdl.handle.net/20.500.13051/2468
    Abstract
    Contract law protects the promisee's expectation interest by requiring a breaching promisor to pay as damages a sum that would put the promisee in the same position that performance would have. When the expectation is difficult to monetize, the promisor must render the contractual performance. The law also permits parties to specify in their contract the sum the promisor must pay on breach: the specified sum is permitted to fall below, but cannot exceed, a reasonable ex ante estimation of the promisee's expectation interest. The rules regulating contractual damage measures, denoted here as the "liquidated damage rules," thus prohibit penalties.
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