This article discusses the main hurdles and hazards that the development of law and economics in Colombia faces. For the sake of an in-depth analysis in a not too long article, the discussion is restricted to commercial contract law. The main hurdles mentioned here are: (1) structural hurdles - institutions or procedures that may be a stumbling block to the development of law and economics; (2) cultural hurdles - a bias among scholars, practitioners, judges, arbitrators, and legislators against law and economics; and (3) academic hurdles - lack of legal theories adapted to the nature and particularities of Colombian both economic development and legal system.