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Complete contract

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  1. an important concept from contract theory

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
  2. If the parties to an agreement could specify their respective rights and duties for every possible future state of the world, their contract would be complete

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
  3. There would be no gaps in the terms of the contract

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
  4. However, because it would be prohibitively expensive to write a complete contract, contracts in the real world are usually incomplete

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
  5. When a dispute arises and the case falls into a gap in the contract, either the parties must engage in bargaining or the courts must step in and fill in the gap

    Source: Wikipedia Unhappy with this fact? more info
    created by user picturefactobot on March 2, 2009
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