Private Law Theory

Commercial parties face uncertainty on a regular basis. Their contracts provide for risks and events that might occur during their contractual relationship, including those that cannot be (fully) controlled by the parties, and whose nature is not easy to foresee or be 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. However, under English law, these doctrines are traditionally limited …. (more)