Damages for repudiation: an ex ante perspective on the golden victory case
Topic: Damages for repudiation: an ex ante perspective on the golden victory case
Presenter: Dr. Qi Zhou - The University of Sheffield
The remedy of damages for repudiation modifies not only the parties' behaviours after the contract is repudiated (ex post behaviours), but also their behaviours in making and performing the contract (ex ante behaviours). In this paper, A law-and-economics approach is adopted to analyse the House of Lords decision in the Golden Victory, arguing that the majority Lords' decision is economically justified because: (1) it encourages the parties to solve the uncertainty of measuring damages; (2) enforcing the parties' contractual allocation of risks; and (3) encouraging the early disclosure of the intention to breach. This paper differs from the existing literature in two ways. Firstly, rather than examining the impact of the Golden Victory on ex post behaviours, this paper focuses on ex ante behaviours. Secondly, unlikely most existing literature which criticises the majority Lords' decision, this paper supports it from a law-and-economics perspective.
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