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Reckoning Contract Damages: Valuation of the Contract as an Asset

Termindetails

Wann

22.03.2017
von 18:00 bis 21:00

Wo

Raum 235 (Neue Aula)

Termin übernehmen

Am Mittwoch, den 22. März 2017, veranstaltet das Forum Junge Rechtswissenschaften eine Vortragsveranstaltung mit Prof. Victor P. Goldberg von der Columbia Law School zum Thema:

Reckoning Contract Damages: Valuation of the Contract as an Asset

Professor Goldberg wird in seinem englischsprachigen Vortrag auf eine Grundfrage des Leistungsstörungsrechts eingehen: Wie wird der Wert von Verträgen in den unterschiedlichsten Vertragsbruchkonstellationen bemessen?

When a contract is breached the law in most jurisdictions provides some version of the aphorism that the non-breaching party should be made whole. I argue for a general principle that should guide application — the contract is an asset and the problem is one of valuation of the change in value of that asset at the time of the breach. 
The presentation begins with the simplest case in which the breach occurs at the time of performance. I argue that post-breach facts (e.g., changes in market conditions) should not be taken into account. 
Long-term contracts present two different issues, the breach of a single installment and the anticipatory repudiation of a contract with many years yet to run. The latter problem is exacerbated if the contract includes such complicating factors as take-or-pay clauses and price adjustment mechanisms. The value of the contract at the time of the repudiation would reflect both the expected future stream of income (lost profits) and the efforts of the counterparty to adapt if performance ceased (mitigation).