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Institutional Competition of Optional Codes in European Contract Law

  • The Common European Sales Law (CESL) is the European Commission’s most recent policy initiative for European contract law. It aims to address the problem that differences between the national contract laws of the Member States may constitute an obstacle for the European Internal Market. This paper develops a model of the institutional competition in European contract law and uses it to addresses the question as to whether an optional European contract code and the CESL are economically desirable for European contract law. To do so I examine the transaction costs involved in the process of choosing an applicable law that European businesses face when they conduct cross-border transactions in the European Internal Market. I then describe how these transaction costs shape the competitive environment, i.e. what I refer to as the “European market for contract laws” in which the contracting parties choose a law to govern their cross-border contracts. Having identified this environment and the competitive forces operating within it, IThe Common European Sales Law (CESL) is the European Commission’s most recent policy initiative for European contract law. It aims to address the problem that differences between the national contract laws of the Member States may constitute an obstacle for the European Internal Market. This paper develops a model of the institutional competition in European contract law and uses it to addresses the question as to whether an optional European contract code and the CESL are economically desirable for European contract law. To do so I examine the transaction costs involved in the process of choosing an applicable law that European businesses face when they conduct cross-border transactions in the European Internal Market. I then describe how these transaction costs shape the competitive environment, i.e. what I refer to as the “European market for contract laws” in which the contracting parties choose a law to govern their cross-border contracts. Having identified this environment and the competitive forces operating within it, I propose a model, the “Cycle of European Contract Law”. I use this model to analyze the competitive processes that take place in the European market for contract laws. Based on my results I make recommendations for the optimal implementation of an optional European contract code and the CESL in European contract law.show moreshow less
Metadaten
Author:Dr. Alexander J. Wulf
Parent Title (English):European Journal of Law and Economics
Document Type:Article
Language:English
Date of Publication (online):2014/01/08
Year of first Publication:2014
Publishing Institution:SRH Berlin University of Applied Sciences
Release Date:2014/07/14
Tag:Choice of Law; Common European Sales Law; European Contract Law; European Union; Institutional Competition
Volume:38
Issue:1
First Page:139
Last Page:162
Note:
Online: https://www.researchgate.net/publication/263737791_Institutional_competition_of_optional_codes_in_European_contract_law
Link author profile:https://www.srh-berlin.de/hochschule/hochschulteam/wulf-alexander/
Peer-reviewed:Keine Angabe - No details
Institutes:Contractual Management Institute (CMI, SRH Berlin)
JEL-Classification:K Law and Economics
Licence (German):License LogoCreative Commons - CC BY-NC-ND - Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International
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