Resource title

Vereinheitlichung des Vertragsrechts in Europa - eine Lösung auf der Suche nach dem Problem? Die Sicht der Neuen Institutionenökonomik

Resource image

image for OpenScout resource :: Vereinheitlichung des Vertragsrechts in Europa - eine Lösung auf der Suche nach dem Problem? Die Sicht der Neuen Institutionenökonomik

Resource description

It is the purpose of the paper to shed light on the question to what extent there is a need for a unified contract law in the European Union. The paper outlines a concept of constitutional uncertainty in international trade and presents a model of international transactions in the presence of a diversity of legal orders and the territoriality of law. The model is used to identify the problems emerging in contracts and the contracting process due to factors such as the multitude of legal orders and the territoriality of law. Next, the economic arguments in favour of and against harmonisation are discussed. In weighing up the costs that full harmonisation generates against the costs of constitutional uncertainty the paper considers the arguments in favour of the diversity of law to be stronger from an efficiency point of view. The paper makes a plea for freedom of choice of contract law and a free movement of judgements in the European Union. Both conditions are necessary and sufficient for a proper functioning of the internal market – but, as a matter of fact, both conditions are already met.

Resource author

Dieter Schmidtchen

Resource publisher

Resource publish date

Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/23090

Resource license

Adapt according to the presented license agreement and reference the original author.