Studying Law at Roma Tre

Academic Year 2022-2023

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Spring Semester (March 1 - May 31, 2023)


Economic Analysis of International Commercial Contracts 2023

Prof. Giacomo Rojas Elgueta

Course description:
The purpose of the course is twofold: (i) to provide the tools to analyze the legal phenomenon through the economic lens and, more specifically, through the notions of neoclassical economics, and (ii) to offer an in-depth economic analysis of contract law and, more specifically, of international commercial contracts.
The predictive ability of the economic reasoning allows one to determine which incentives are placed on individuals by different laws and, consequently, which effects should be reasonably expected from the adoption of a certain rule. The “Law and Economics” method aims at selecting efficient rules capable of maximizing the social welfare.
Besides the methodological issues, the course covers the main topics of the Economic Analysis of Contract Law. In particular, after explaining the interaction between the “Law and Economics” method and Contract Law, the course will focus on the scope and function of international commercial contracts, offering an economic analysis of their most important clauses.
Finally, the course will analyze the different contractual remedies to supervening events, an area of contract law that is on the forefront of the legal discourse, both from an academic and practical perspective, as a consequence of the Covid-19 pandemic, the rise of armed conflicts and the consequent imposition of international sanctions.
The course aims at:
-       introducing students to the foundations and the main topics of the Economic Analysis of Law, and to the “Law and Economics” methodology
-       providing students with the necessary tools to evaluate the efficiency of legal rules with regard to Contract Law
-       understanding the economic function of international commercial contracts
-       evaluating what is the most efficient allocation of remote risks in the different types of international commercial contracts
-       identifying the economic rationale of the most important clauses in international commercial contracts
-       identifying the economic rationale of the different doctrines governing unforeseen supervening events and changes of circumstances in the common law and the civil law systems


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