The dilemma of changed circumstances in contract law: An economic analysis of the foreseeability and superior risk bearer tests

Columbia Journal of Law and Social Problems

Volumn 30, Issue 1, 1996, Pages

  Elofson, John ^a  

^a NONE

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[No Author keywords available]

Indexed keywords

EID: 0042039132     PISSN: 00101923     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (2)

1. This sentiment is expressed in the medieval maxim reservanda sunt pacta. See Michael G. Rapsomanikis, Frustration of Contract in International Trade Law and Comparative Law, 18 Duq. L. Rev. 551, 551 (1980).
2. Clausula rebus sic stantibus: Contracts are made on the unstated assumption that the relevant factual situation surrounding the contract will remain basically stable throughout the life of the contract. Id. at 552; see also 6 Samuel Williston, Law of Contracts § 1931 (rev. ed. 1938) ("The important question is whether an unanticipated circumstance has made performance of the promise vitally different from what should reasonably have been within the contemplation of both parties when they entered into the contract.")