| It is the main aim of legislation of contract law to carry out inspiring mechanism for fulfillment of acceptance during contract relief system through coercion of law, in order to lower possibility of breakdown of contract to the worst and to improve efficiency of transaction and reduce cost of transaction. This article, taking economic analysis method, has a deep research on basic theories and operating mechanism of legal system of contract. Firstly, it expounds contract theory, consideration and cause theory, and transaction cost theory which construct theoretical base for economic analysis to contract law. Secondly, it expounds value and significance of economic analysis of contract law. Thirdly, it analyzes establishment, fulfillment, effect of contract and liabilities for breach of contract. Lastly, it brings out some concrete suggestions for perfecting China's contract law in view of economy of law.The article is divided into five parts, first one is introduction.The introduction leads the whole article, is a brief generation of the whole article. It analyzes the important theoretical value and practical significance, gives a survey on present research condition of China and foreign countries, and expounds aim, methods and innovation of the article.Part two has researched on theoretical base on economic analysis of contract law. This part includes chapter two.It is an important prerequisite for further researches on system design of contract law that theoretical base of economic analysis of contract law. The article firstly analyzes agreement theory which is the base of economic analysis of contract system. It introduces consideration theory in Anglo-American law system, which includes founding of consideration, constructive condition, legal status and value in contract law, drawback, and promissory estoppels for making up drawback, that is to say, trust system. It also expounds connation of cause theory in France and its role in formation of contract system. Thirdly, contract law is the field which legal system has the proximate connection with general market transactions.Therefore, the economic analysis of contract law should begin with cost theory of transaction to probe into deep connotation. Contract law can improve transaction efficiency of two parties, and promote improvement of the whole society. Part three researches value aim of economic analysis of contract law, and includes chapter three.The aim of contract law, or regulation function of contract law, is a spirit running through the whole contract law. The goal of legislation of contract law is to increase efficiency of transaction and safeguard safety. The goal can show two parts, that is to say, promoting economic benefit and preventing trade order. In process of social and economic development, with improvement of productive forces, goods, capital and labors are increasing in trade market. In equal market struggle, people request not only safety of transaction, but also swift, convenient and efficiency, thus economic subjects pay more attention to efficiency, not safety any more.The economic significance of contract law shows two parts. Firstly, from legal effect of contract, contract law can reduce of prevent opportunist acts, and make best benefits of transaction. Secondly, enforcement and supervision of contract law have a close connection with risk burden of contract process.The article points out that amendment of China's existing contract law is on base of improvement of transaction , concrete system is not completely accomplished yet. The economic aim,"promoting transaction and improving efficiency"of contract law is still in null, the reason is that the present law doesn't put economic aim of contract law on the first consideration in legislation and amending actives. The safety of transaction is still number one for contract law to safeguard equality and justice of contract law. These understandings hinder our paces of perfecting contract law rationally. In market economy condition,"economic person"is also"rational person", contract originated from transaction activities, and contract system should improve transaction. Hence, promoting transaction and improving efficiency should be main purpose of perfection of contract law.Part four is on economic research on concrete system on contract law, including chapter 4, chapter 5, chapter 6 and chapter 7.In economic analyses on founding of contract, the article firstly studies standard and connotation of founding of contract, and points out that it is standard of economics of law to construct the founding condition of contract according to need of complete struggle of market. The connotation of economics on contract is that contract should be established on base of making profits between two voluntary parties. Secondly, it researches on system design of form of contract. With development of market economy, people pay more attention to efficiency of economic transaction, not safety, therefore, modern countries'contract law transfers form of contract from formal principle to informal. Thirdly, it expounds consulting of contract, and shows founding of contract is accomplished through game of parties. Lastly, it analyzes standard contract in economics of law. From effect of economic efficiency, standard contract has dual effects. One is that the party which has monopoly situation in standard contract can control price of transaction and prohibit scope of struggle in the related clauses which can lower level of struggle and hinder economic efficiency. The other is that standard contract can promote efficiency. The standard contract can benefit allocation of resources by way of improving efficiency to attain aim of increasing social wealth in maximum.Therefore, standard contract should be regulated. On premise of keeping economic function of standard contract, the contract should include declaration of will of other party, meet two parties'voluntary agreement utmost, and make an efficient transfer of resources under condition of the lowest cost of transaction.Enforcement of contract is the kernel of contract law, and nature of legal effect of contract. Hence, two parties should enforce contract and demarcate duty by way of action or inaction and enjoy deserved interests. Otherwise, one or two parties, breaching contract, should be deserved legal liabilities. Enforcement of contract is a process, sole aim of enforcement is to gain more profits, and two parties should pay a certain costs. Hence, the article carries out economic researches on cost of enforcement and other relevant factors to cost. Meanwhile, market structure is also an important factor to affect cost, and different structure not only affects status of contractors in trade, but also affects cost of enforcement. On this base, it has analyses of margin interest on cost of enforcement.Effect of contract is an important problem of contract law, and valid or void of contract directly effects intention of parties and interest which be accomplished whether or not. In view of economics of law, value trend of legislation of effect of contract is that without harm to basic social order, we should try all best to make contract valid, which shows free will of party, makes parties'interests in balance, and makes interests in maximum. Hence, the article expounds judgment of effect condition of contract, confirmation of contract effect and influent factors. At last, it has an analysis of economics of law on legal regulations to void contract and non-right of disposing contact.On economics analyses to breach of contract and compensation for damages, the article firstly expounds compensation for damages of contract which includes the following contents: one is basic principles of compensation; two is regulation of contract to compensation; three is predetermining of compensation. Secondly, it expounds punitive compensation for damages which is a way to guard market transaction, increase efficiency and promote accumulation of social wealth. Lastly, it carries out economics analyses on breach of contract and points out that contract law, through system of breach, is to urge parties to act in good faith and to lower defensive cost of contractors.Part five brings out drawbacks and suggestions to China's legal regulations of contract, and is mainly expounded in chapter 8. Owing to backward of China's market economy, regulations which promote transaction under request of market economy is not paid more attention by legislators yet. Therefore, in existing legislation, many rules cannot promote transaction, and hinder transaction to some extent on the contrary. The article points out that China's legislation of contract law has the following drawbacks: one is valid time of contract effect is not clear, and is harmful to operation of transaction; two is regulated unreasonable way about compensation for damages of breach or actual compensation for damages; three is that the principle of strict liability is harmful to efficiency. The drawbacks of enforcement of contract include the following: one is that judges have been endowed with more rights of discretion which cannot promote contract transaction; two is unclear regulation about substitute and condition of breach of contract which is harmful to enforcement of contract. Towards above drawbacks, it is necessary to strengthen legislation of contract system. In process of enforcement of contract law, we should take"promoting transaction and improving efficiency"as an aim to fulfill on concrete work of amending and enforcement of contract system. The details as that: firstly to strengthen aim and spirit of China's legislation of contract law, showing economics significance of contract law; then to improve legislation and execution, making conclusion of contract more efficiency, trying to lower cost of enforcement of contract, promoting effect of contract and accomplishing ideal of economic rational ability of contract law and regulation.Last is the conclusion: methodology of economics should be carried out to analyze contract law and regulations, and the process of economic analysis of contract law is a rational choice of accomplishing economic aim of contract law. It takes"promoting transaction and improving efficiency"as main aim of contract law. Economic aim of legislation of contract law is, through coercion of law, to carry out inspiring mechanism for fulfillment of acceptance during contract relief system, so the aim of contract law is to improve efficiency of transaction and lower cost. Maximum efficiency of exchange is the routine of attain economic aim of contract law. Therefore, perfection of regulations'arrangement of contract law can promote transaction of property, lower cost, increase efficiency of transaction, advocate development of social manufacture and exchange, and add social wealth.
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