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Contract theory and mortgage foreclosure moratoria |
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| Authors: | Austin J. Jaffe Jeffery M. Sharp |
| Affiliation: | (1) The Smeal College of Business Administration, The Pennsylvania State University, 16802 University Park, PA, USA;(2) The Smeal College of Business Administration, The Pennsylvania State University, 16802 University Park, PA, USA |
| Abstract: | Contracts are an essential institution in capitalist economies. Contract law provides a long and interesting constitutional history. At the same time, mortgage foreclosure moratoria is shown to be an occasional and repeated phenomenon. This paper explores the legal and economic aspects of this issue via a survey of the schools of thought on contracts. The paper also speculates about the nature of mortgage contracts and the economics of moratoria statutes. |
| Keywords: | economics of contracts contract theory mortgages mortgage foreclosure moratoria |
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