The Future of Contract and the Allocation of Responsibility and Risk

Gerard McMeel Kc

Chapter 4 in A Research Agenda for Contract Law, 2026, pp 77-114 from Edward Elgar Publishing

Abstract: It is indisputably a function of contract law to allocate the risk of future uncertain events. This is essential to business planning, and commonly takes place against the backdrop of the availability of, and entry into, appropriate insurance or other protection. The quarter of a century since the turn of the millennium has seen significant events and disruptions, including, first, the reckless financial innovation and retailing of complex products and the ensuing Global Financial Crisis. Secondly, Brexit. Thirdly, Covid-19, whose impact still reverberates on business activity. The chapter considers developments in contractual interpretation and the implication of terms, where terms implied in law have come into greater prominence, coupled with a new clear words principle. It is these rules that are to the fore in allocating the risks of unforeseen events.

Keywords: Interpretation; Implications; Default Rules; Risk Allocation (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035342570
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