About this ebook
The question explored in this book is how contracts can manage uncertainties.
Commercial parties face uncertainties on a regular basis. Market fluctuations, new laws and regulations, pandemics, rapid technology advancements and geopolitical tensions are all examples of events whose nature cannot be easily foreseen or captured by the contractual parties' expectations.
One possible way of addressing the uncertainty generated by such risks and events is through reliance on established contractual doctrines, such as variation or frustration. Under English law, these doctrines are traditionally limited. Another, and typically preferable, method is for contract drafters to include clauses that modify, suspend or terminate the obligations or liabilities of one (or both) of the parties, or clauses that at least open up the options for renegotiation. Examples include material adverse change (or effect) clauses, hardship clauses, performance clauses, termination or suspension clauses, remedies clauses, and variation clauses.
Such clauses raise a range of issues concerning their interpretation, effect and enforceability; the consequences that follow when the clauses do not work as planned; the consequences of allocating contractual discretion to a party to determine the existence of the relevant risk or event; and the extent to which the existence of specific clauses changes the options available to the parties beyond what general contract law principles offer.
This book advances the understanding of how the law deals with the unexpected and is an essential read for academics, students, and practitioners, including contract drafters, legal advisors and litigation lawyers.
Commercial parties face uncertainties on a regular basis. Market fluctuations, new laws and regulations, pandemics, rapid technology advancements and geopolitical tensions are all examples of events whose nature cannot be easily foreseen or captured by the contractual parties' expectations.
One possible way of addressing the uncertainty generated by such risks and events is through reliance on established contractual doctrines, such as variation or frustration. Under English law, these doctrines are traditionally limited. Another, and typically preferable, method is for contract drafters to include clauses that modify, suspend or terminate the obligations or liabilities of one (or both) of the parties, or clauses that at least open up the options for renegotiation. Examples include material adverse change (or effect) clauses, hardship clauses, performance clauses, termination or suspension clauses, remedies clauses, and variation clauses.
Such clauses raise a range of issues concerning their interpretation, effect and enforceability; the consequences that follow when the clauses do not work as planned; the consequences of allocating contractual discretion to a party to determine the existence of the relevant risk or event; and the extent to which the existence of specific clauses changes the options available to the parties beyond what general contract law principles offer.
This book advances the understanding of how the law deals with the unexpected and is an essential read for academics, students, and practitioners, including contract drafters, legal advisors and litigation lawyers.
The question explored in this book is how contracts can manage uncertainties.
Commercial parties face uncertainties on a regular basis. Market fluctuations, new laws and regulations, pandemics, rapid technology advancements and geopolitical tensions are all examples of events whose nature canno...
Discover more
About the author
Paul S Davies is Professor of Law and Magda Raczynska is Associate Professor of Law, both at University College London, UK.
Paul S Davies is Professor of Law and Magda Raczynska is Associate Professor of Law, both at University College London, UK.
Rate this ebook
Tell us what you think.
Reading information
Smartphones and tablets
Install the Google Play Books app for Android and iPad/iPhone. It syncs automatically with your account and allows you to read online or offline wherever you are.
Laptops and computers
You can listen to audiobooks purchased on Google Play using your computer's web browser.
eReaders and other devices
To read on e-ink devices like Kobo eReaders, you'll need to download a file and transfer it to your device. Follow the detailed Help Center instructions to transfer the files to supported eReaders.
