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This contribution discusses the question whether diversity of contract law among the European member states is a barrier to cross-border trade. This question is important in view of the ongoing debate about the need for a unified European private law. It is tried to answer the question by building upon insights from psychology, economics and law. It turns out that no definitive answer can be given to the question whether the savings in transaction costs through the removal of legal diversity are greater than the losses caused by the termination of competition of legal systems.
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