Albert H Choi and George G Triantis, ‘Designing Contract Modification’, University of Chicago Law Review (forthcoming), available at SSRN (2 February 2025). This article by Professors Choi and Triantis hits close to home with how closely it models my personal experiences with oil and gas leases on my family’s farm during the leasing boom of the early 2000s. Specifically, the authors explore how parties can structure long-term contracts to maximize the expected value in the face of uncertainty regarding changes in relative bargaining power that may occur over the term of the contract by designing the contract to permit modification even if that modification merely redistributes the available surplus … (more)
[Daniel Barnhizer, JOTWELL, 8 December 2025]
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