Problem
1. Discuss the implications of the Coase Theorem for the choice of an efficient breach of contract remedy.
2. Traditional contract law treats breach of contract and discharge due to impossibility or commercial impracticability as distinct problems. Explain the sense in which economic theory views them as variants of a single problem where the relevant question is the amount of damages for nonperformance.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.