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This book is a valuable contribution to the reflection on the place and meaning of value creation and accountability as goals for business law. It provides a richer understanding of key legal institutions supporting the rule of law and democratic, market-based economies. It will be of great value to academics interested in business law, competition law, comparative law and legal theory, students studying law, business and economics, and to policymakers and regulators.
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The Economic Impact Group (EIG) was created to support the work on the DCFR with insights from law and economics. It brings together a number of leading European law and economics scholars. The Group looked at the main elements of the DCFR with two questions in mind: from an economic perspective, is it sensible to harmonize private law across Europe for this specific element, and is the solution chosen in the DCFR optimal?
This book presents the outcome of the work of the EIG. It deals with key issues such as the function of contract law, contract formation, good faith, non-discrimination, specific performance versus damages, standard contractual terms and consumer protection in contract law. The EIG complements the work of the drafters of the DCFR with insightful and critical assessments, based on the well-established law and economics literature.
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