Real-world transactions are often limited: Not all contracts are legal. As a result, I show economic examples where the only way to achieve first-best is as follows. First, the parties contractually commit to a different and ineffi cient different outcome. Then, they secretly violate the contract and coordinate play on first-best. If the parties were to contractually commit to first best, they ...

A contract is an agreement between two or more parties to create business relations or legal obligations between them. A contract will define the set of activities to be performed by parties satisfying a set of terms and conditions (clauses). An e-contract is a contract modeled, specified executed, controlled and monitored by a software system. Typically, a workflow management system is used fo...

We study a contracting model with unforeseen contingencies in which the court is an active player. Ex ante, the contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex post, the court observes whether an unforeseen contingency occurred and decides whether to void or uphold the contract. If the contract is voided by the court, the parties can renego...

The paper addresses the electronic contract management problems in automated eContract negotiation among software agents in the web service environment. From the point of electronic contract management, the aim of negotiation process is to automatically form contractual agreements between different parties, coordinating their behavior and facilitating contract execution. The contracts specify t...

Contract interpretation remains the most important source of commercial litigation and the most contentious area of contemporary contract doctrine and scholarship. Two polar positions have competed for dominance in contract interpretation. In a textualist regime, generalist courts cannot consider context; in a contextualist regime, they must. Underlying this dispute are contrary assumptions abo...

relative nullity is one of the sanctions against violating the rules of establishing the contract and is regarded as a known legal entity in the law of france. it is a situation that the legislator has considered in case of violating the rules supporting given party or parties. hence, he gave them authority to decide about the contract themselves and as far as the beneficial party does not have...

Contract interpretation remains the most important source of commercial litigation and the most contentious area of contemporary contract doctrine and scholarship. Two polar positions have competed for dominance in contract interpretation. In a textualist regime, generalist courts cannot consider context; in a contextualist regime, they must. Underlying this dispute are contrary assumptions abo...