Law Commons^™

Contract Compensation In Nonmarket Transactions, Joseph P. Tomain

Faculty Articles and Other Publications

Professor Tomain assails the myths holding that contract law is either complete and unitary or hopelessly indeterminate. He contends that a distinction must be made between market situations, which require a more formal analysis, and nonmarket transactions to which a more particularized analysis should be applied. Making the market/nonmarket distinction permits flexibility of methodology and considerations of economics, politics, and morals as appropriate, without forcing the conclusion that contracts analysis is totally without structure. Professor Tomain advocates application of reflective doctrinal analysis which tests the sufficiency of a rule of law and reforms the rule if it is not supported …