Your Loss or My Gain? The Dilemma of the Disgorgement Principle in Breach of Contract

t Alfred McCormack Professor of Law, Columbia University School of Law. B.S. 1948, University of Michigan; M.A. 1949, Yale University; J.D. 1952, Columbia University. For benefits beyond expectation, my thanks go to Bruce Ackerman, Steven Burton, John Coffee, Douglas Laycock, Paula Powers, Doug Rendleman, Susan Rose-Ackerman, William F. Young, and the other Columbia colleagues who discussed a draft of this Article at an informal seminar, as well as Arthur H. Kohn, my research assistant. For financial support, I am grateful to the Columbia Center for Law and Economic Studies.