Everything about Complete Contract totally explained
A
complete contract is an important concept from
contract theory.
If the parties to an agreement could specify their respective rights and duties for every possible future state of the world, their contract would be complete. There would be no gaps in the terms of the contract.
However, because it would be prohibitively expensive to write a complete contract, contracts in the real world are usually incomplete. When a dispute arises and the case falls into a gap in the contract, either the parties must engage in
bargaining or the courts must step in and fill in the gap. The idea of a complete contract is closely related to the notion of
default rules, for example legal rules that will fill the gap in a contract in the absence of an agreed upon provision.
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