Courts of Law and Unforeseen Contingencies

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 renegotiate a new agreement ex-post.

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Year of publication:	2001-06
Authors:	Anderlini, Luca ; Felli, Leonardo ; Postlewaite, Andrew
Institutions:	C.E.P.R. Discussion Papers
Subject:	Incentives \| Optimal Courts \| Risk \| Unforeseen Contingencies

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Extent:	application/pdf
Series:	CEPR Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Number 2835
Classification:	D74 - Conflict; Conflict Resolution; Alliances ; K40 - Legal Procedure, the Legal System, and Illegal Behavior. General ; L14 - Transactional Relationships; Contracts and Reputation; Networks
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005504519