Details can be found in chapter 4 of Economic Analysis of Law1. “Suppose that courts, in determining the rights and duties of parties to contracts, do not use the criterion of efficiency to guide...

Details can be found in chapter 4 of Economic Analysis of Law1. “Suppose that courts, in determining the rights and duties of parties to contracts, do not use the criterion of efficiency to guide their decisions, but instead some non-economic criterion fairness.what affect would their decisions have on the process of exchange? and,2.why is contract law in general an inappropriate are which to enforce moral (insofar as they may be distinct from economic) principles?”