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Regulating Contracts$
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Hugh Collins

Print publication date: 2002

Print ISBN-13: 9780199258017

Published to Oxford Scholarship Online: January 2010

DOI: 10.1093/acprof:oso/9780199258017.001.0001

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Rationality of Contractual Behaviour

Rationality of Contractual Behaviour

(p.127) 6 Rationality of Contractual Behaviour
Regulating Contracts

Hugh Collins

Oxford University Press

Contractual behaviour appears to be rife with actions that appear to run contrary to rational self-interested action. This chapter begins by explaining how this kind of behaviour can be interpreted as rational action. Following an analysis of the rationality of contractual behavior in terms of competition between communication systems, the chapter examines the significance of the phenomenon that participants in markets appear to attach little weight to formal contractual relations. The chapter concludes by considering the implications for legal regulation of the complicated picture of competing rational standards of contractual behaviour.

Keywords:   legal regulation, contracts, contractual behaviour, contractual relations, rational action

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