Year: 1994
Type: article
Abstract: A s one commentator wrote in 1989, "[c]ritics and advocates agree that a revolution, under the banner 'nexus of contracts,' has in the last decade swept the legal theory of the corporation."'Other observers concur, albeit more guardedly.2 In its usual formulation, the nexus-of-contracts (or contractual) theory asserts that a corporation is a set of contracts among the firm's participants.'Because they think that the contractual theory has normative implications, its proponents have used the theory to advocate important changes in corporate law. 4 The nexus-of-contracts theory's emergence also may have inspired the significant contemporary literature on theories of the corporation that began in the mid-1980s.5
Author: Michael J. Phillips
Language: English
Topic: Corporate Governance and Law
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2760575722