Discuss the implications of the coase theorem

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1. Discuss the implications of the Coase Theorem (see Chapter 1) for the choice of an efficient breach of contract remedy.

2. Traditional contract law treats breach of contract and discharge due to impossibility or commercial impracticability as distinct problems. Explain the sense in which economic theory views them as variants of a single problem where the relevant question is the amount of damages for nonperformance.

Reference no: EM131227447

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