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Foundational Principles of Contract Law$
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Melvin A. Eisenberg

Print publication date: 2018

Print ISBN-13: 9780199731404

Published to Oxford Scholarship Online: October 2018

DOI: 10.1093/oso/9780199731404.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 October 2021

Evaluative Mistakes

Evaluative Mistakes

(p.555) Forty Evaluative Mistakes
Foundational Principles of Contract Law

Melvin A. Eisenberg

Oxford University Press

Chapter 40 concerns evaluative mistakes. A bargain promise requires and embodies two choices by the promisor. First, the promisor must choose to achieve a certain objective. Second, she must choose to achieve that objective by making a bargain. The promisor must then evaluate the relation between her preferences and the performances that will be due from and to her under the bargain contract. In this book, where a well-informed and capable actor chose to make a bargain contract, and later comes to believe that her choice was a mistake as a result of a change in her preferences, or in the subjective or objective value of the performances due under the contract, the mistake is referred to as an evaluative mistake. Some types of mistakes should provide relief to a mistaken promisor. Evaluative mistakes are not one of these types, in large part because the prospect that a counterparty will make an evaluative mistake is often just what the nonmistaken bargains for.

Keywords:   evaluative mistakes, choices, bargain promises, preferences, bargain contract

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