The digital transformation of the EU single market actualizes numerous issues regarding regulation private law relations in market. key issue is whether requires a complex reform existing rules brought by European legislator to provide for individual rights various offline (e.g., consumer contracts, labor and contracts on provision services economic sectors), if that case, how this must be impl...

Abstract I demonstrate that transacting parties may expend resources on ex ante contracting, which not be legally enforceable, to help build and maintain their long-term relationships. first introduce three legal concepts, namely scaffolding , managerial provisions formal relational contracts highlight the recent trend towards more detailed contracts. These concepts indicate role of is improve ...

The paper summarizes results of a comparison unfair clause legislation in the Central and Eastern European countries. In introductory part, development regulation terms, sources inspiration as well different approaches traditional civil law countries are described. Subsequently, regulations Czech Republic, Slovakia, Hungary, Poland, Romania, Slovenia, Serbia Croatia compared. contemporary is ba...

Lawyers and the legal system have been much criticized in recent years. Despite popular perceptions, the legal system contains numerous mechanisms and rules designed to ensure fair results. This paper shows how the legal system tries to implement, in commercial transactions, the ethical principles of truthfulness and fairness. The AngloAmerican development of Equity Courts is reviewed briefly. ...

In this paper, Black Scholes’s pricing model was developed to study American option on future contracts of Brent oil. The practical tests of the model show that market priced option contracts as future contracts less than what model did, which mostly represent option contracts with price rather than without price. Moreover, it suggests call option rather than put option. Using t hypothesis test...

Ex ante contract terms are not always enforced ex post. Through the analysis of enforcement conditions of outsourcing contracts in the French defense procurement sector, I identify the determinants of renegotiations. I demonstrate that analyzing formal arrangements is not enough to account for renegotiations. Informal decision-making plays a major role in that perspective. Determinants of reneg...

This paper studies the transition of contract enforcement institutions. The prevalence of relational contracts, low legal quality, strong cultural preference for personalistic relationships, low social mobility, and highly unequal endowment form a cluster of mutually reinforcing institutions that hinder economic development. The cultural element per se does not necessarily reduce social welfare...

Virtual Enterprises are a major trend within the B2B scenario. Technological support towards enabling this cooperation model includes the multi-agent systems paradigm. In this paper we identify requirements of Virtual Enterprise contracts, developing a normative framework for contract validation and enforcement. Furthermore, we enclose this conception within the structure of an Electronic Insti...