Contract discipline: In search of principles in the control of contracting power

The justness and the efficiency of contracts will depend on the effectiveness of contract discipline. This disciplin will be most effective when contractors have a good range of alternatives to choose from and when they ca make those choices on the basis of good information about the alternatives. This notion of contract disciplin is used in this paper as the basis for reviewing the coherence and effectivenss of judicial attempts to control con tracting behavior in the United Kingdom. It is suggested that the legal analysis of contract needs to be reorientate toward an exploration of the sources of contract indiscipline in the many highly imperfect markets in the real world