This text presents an overview of the function of contracts and a toolbox for designing effective agreements that will accomplish clients? objectives and avoid common pitfalls. The text includes examples drawn from actual contracts.

Introduction

1

(1)

Why Contracts Are Made

2

(3)

Differences in Valuation

2

(1)

Advantages in Production

3

(1)

Complementarities

4

(1)

Borrowing and Lending

4

(1)

Allocation of Risk

4

(1)

Different Expectations

5

(1)

Principles and Checkpoints for Contracting

5

(7)

Enlarging the Contractual Pie

5

(3)

Incentive Issues

8

(1)

Uncertainty and Risk Bearing

9

(1)

Practical Enforceability of Contractual Conditions

9

(2)

Disputes and Their Resolution

11

(1)

Production Contracts

12

(14)

Incentives and Component Prices

12

(3)

Incentives and Component Quality

15

(3)

Uncertainty and Renegotiation

18

(1)

Uncertainty and Risk Bearing

19

(2)

Application: School Gymnasium

21

(3)

Developing Arguments in Contract Litigation

24

(2)

Principal and Agent Contracts

26

(11)

Incentives

28

(3)

Risk Bearing

31

(2)

Application: Coffee Shop Manager

33

(4)

Other Types of Contracts

37

(10)

Joint Undertakings

38

(2)

Sale or Lease of Property

40

(4)

Loan Contracts

44

(3)

Resolving Contractual Disputes

47

(6)

Contingent Provisions

47

(2)

Damages for Breach

49

(2)

Arbitration

51

(2)

Negotiating the Contract

53

(2)

Both Sides Should Understand How to Enlarge the Pie

53

(1)

Be Greedy but Not Too Greedy

54

(1)

Suggestions for Further Reading

55

(1)

Appendix 1: Information Theory and Bargaining

56

(13)

Appendix 2: Shopping Center Lease

69

(18)

Appendix 3: Purchase and Sale Agreement

87

(6)

Appendix 4: Exclusive Authorization and Right to Sell

93

(4)

Appendix 5: Residential Contracting Agreement

97

(16)

Appendix 6: AAA Commercial Arbitration Rules

113

(13)

Appendix 7: Insurance Contract

126

(16)

Index

142

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