Two parties sign a contract but before they fully perform they modify the contract. Should courts enforce the modified … to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. But … contract technology, e.g., the use of liquidated damages, to ensure commitment are disfavored by courts and subject to …

Two parties sign a contract but before they fully perform they modify the contract. Should courts enforce the modified … to write a contract that is robust to hold-up or that makes the facts relevant to modification verifiable. But … contract technology, e.g., the use of liquidated damages, to ensure commitment are disfavored by courts and subject to …

refuses to perform unless the first one offers better terms than the original contract. Such renegotiation deters relationship …-specific investments and reduces the value of trade via contract, which can either result in no trade or more trade within firms. A classic … they require very strong commitment to specific trades, a feature that the current contract-writing wherewithal and court …

A vexing problem in contract law is modification. Two parties sign a contract but before they fully perform, they … modify the contract. Should courts enforce the modified agreement? A private remedy is for the parties to write a contract … are renegotiation-design and revelation mechanisms. But implementing them requires commitment power. Conventional contract …