WHAT A PEPPERCORN CAN DO: A Psychological perspective on the effect of (Nominal) Considerations on the Perception of Value
Under the common law doctrine of considerations only agreements supported by consideration are legally binding. The doctrine of consideration has been heavily criticized by legal practitioners and scholars in the last half century. Nevertheless, courts in the Canada, the UK, and the US have been reluctant to set it aside. The paper argues for a possible justification to the doctrine’s resistance: the psychological effect of consideration. I focus on nominal (symbolic) consideration and their effect on emotions to show why the requirement of consideration may be desirable from the perspective of both economic analysis and personal autonomy.
PhD Student at The Buchmann Faculty of Law - Tel Aviv University
Visiting Student at Sciences Po Law School
Ohad is a doctoral student in the Zvi Meitar Center for Advanced Legal Studies in Tel-Aviv university. He holds an LL.B. (Cum Laude) and a B.A in psychology from Tel-Aviv university and an LL.M. (1st in Class) from The European Program in Law and Economics (EMLE). His master thesis work received a scholarship from the Bucerius institution and was presented in the Sixth Annual Bucerius Research Workshop. Ohad served as a teaching assistant in the Labor Law class of doc. Hila Shamir in Tel-Aviv university and in current the teaching assistance of Dr. Ori Ahronson in his class Methodology in Legal Research in Bar Ilan university. His present research focuses on contractual regret from a psychological perspective.
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