In this article we have attempted to trace the movement from traditional approach to contextual approach in using extrinsic aids to interpretation of contracts by analysing the judgement delivered by Court of Appeal in Singapore in the case of Zurich Insurance (Singapore) Pte Ltd v. B - Good...

We analyze the problem of a buyer who purchases a long-term project from one of several suppliers. A changing state of the world influences the costs of the suppliers. Complete contracts conditioning on all future realizations of the state are infeasible. We show that contractual incompleteness...

Work and trade relationships are often governed by relational contracts, in which incentives for cooperative action today stem from the prospective future benefits of the relationship. In this paper, we study how reductions in clarity about the financial consequences of actions, induced by...