Scandinavian Working Papers in Economics

Working Papers,
Copenhagen Business School, Department of Finance

No 2000-10: On Specific Performance in Civil Law and Enforcement Costs

Henrik Lando and Caspar Rose
Additional contact information
Henrik Lando: Department of Finance, Copenhagen Business School, Postal: Department of Finance, Copenhagen Business School, Solbjerg Plads 3, A5, DK-2000 Frederiksberg, Denmark
Caspar Rose: Department of Finance, Copenhagen Business School, Postal: Department of Finance, Copenhagen Business School, Solbjerg Plads 3, A5, DK-2000 Frederiksberg, Denmark

Abstract: Abstract: We argue that enforcement costs, ignored in the literature on ‘efficient breach’, are important for the choice of contract breach remedy. Empirically we find that specific performance is almost never claimed in Civil Law countries. It involves forcing a party in breach to perform actions while damages involves extracting only a monetary payment. The former is more difficult and more coercive. We study enforcement rules of Denmark, France and Germany. Enforcement of specific performance is absent in Denmark and weak in France. In Germany it seems stricter, which points to the importance of costs of enforcement to the claimant.

Keywords: Law

JEL-codes: A00

24 pages, May 1, 2001

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