Damages Versus Specific Performance: Lessons from Commercial Contracts

Specific Performance versus Damages for Breach of Contract

When would parties to a contract want performance to be specifically required, and when would they prefer payment of money damages to be the remedy for breach? This fundamental question is studied here, and an answer is provided that is based on a simple distinction between contracts to produce goods and contracts to convey property. Setting aside qualifications, the conclusion for breach of co...

Expectation Damages, Divisible Contracts, and Bilateral Investment

This paper examines the efficiency of expectation damages as a breach remedy in a bilateral trade setting with renegotiation and relationship-specific investment by the buyer and the seller. As demonstrated by Edlin and Reichelstein (1996), no contract that specifies only a fixed quantity and a fixed per-unit price can induce efficient investment if marginal cost is constant and deterministic. ...

TFMCC versus ASMP: lessons learned from performance evaluation

In this article we present a simulation-based comparison of one of the best-known multicast congestion control schemes—TCP-friendly Multicast Congestion Control (TFMCC)—against our proposed Adaptive Smooth Multicast Protocol (ASMP). ASMP consists of a single-rate multicast congestion control mechanism which takes advantage of the RTCP Sender (SR) and Receiver Reports (RR) in order to adjust the...

Lessons from the Commercial Aerospace Market

The case study evidence presented in Chapters Three through Five of this report suggests that, in the critical area of radar-related microwave and millimeter-wave technologies, the dual-use promise of CMI and related acquisition reform measures is real. The technological breadth and depth necessary to support a comprehensive CMI strategy appears to be emerging, and there is some evidence to sug...

A matter of interpretation: Ambiguous contracts and liquidated damages