We argue that the proposed introduction of the doctrine of economic impossibility in Article 137 of the reform draft of the Turkish Code of Obligations is in line with economic considerations and facilitates business transactions. This new rule gives courts the explicit power to terminate a...

A comparison of incentive clauses of players’ contracts in German soccer and clauses used in the NFL and NBA shows considerable differences. Against the background of principle-agent theory we have a closer look at these incentive systems. In contrast to other industries it is easy to observe...

The global legal landscape is undergoing substantial transformations, adapting to an increasingly global market economy. Differences between legal systems create obstacles to transnational commerce. Countries can reduce these legal differences through non-cooperative and cooperative adaptation...