The Essence Of Open Contract Terms And Obligation To Exercise Care As An Example – A Comparative Study
The “open terms contract” is relatively a recent concept, recognised by some Western national legal systems. The laws that do not authorise contracting on open terms focus on the certainty and stability of financial transactions, while practical economic necessity to introduce some kind of flexibil...
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| Main Authors: | , |
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| Format: | Article |
| Language: | Arabic |
| Published: |
Salahaddin University-Erbil
2020-04-01
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| Series: | Zanco Journal of Humanity Sciences |
| Subjects: | |
| Online Access: | https://zancojournal.su.edu.krd/index.php/JAHS/article/view/3415 |
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| Summary: | The “open terms contract” is relatively a recent concept, recognised by some Western national legal systems. The laws that do not authorise contracting on open terms focus on the certainty and stability of financial transactions, while practical economic necessity to introduce some kind of flexibility is behind the view of the laws that authorise it. The main purpose is to enable the contract to respond to market fluctuations and other variations in the material conditions at the contract implementation phase.
This research attempts to analyse the nature of open terms contracts and to investigate its historical roots and discuss its progress and definitions in Iraqi and foreign legal systems. It reviews the identification of open terms contained in contracts, with particular emphasis on the obligation to exercise care as an open contractual term.
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| ISSN: | 2412-396X |