The Rules of the Game and the Morality of Efficient Breach

Abstract

Because contractual obligations result from acts of agreement, every contract has an origin story-a story about what the parties did to change their legal situation, to enter into a contract. Theories of contract law, in turn, often tell stylized versions of such stories. These theory stories tell us about the character of the parties, what they want from their transaction, how they arrive at an agreement, and how the law figures into their relationship.