Contract Theory: Between Legal Rigidity and the Demands of Development, as Seen in Contemporary Transformations

Abstract

Contract theory has occupied a pivotal position in the traditional structure of civil law as the basic legal instrument for regulating economic exchanges.

     However, rapid economic transformations and the accompanying development in contracting patterns and the emergence of new forms of contractual relations have created a contractual reality different from that under which the traditional rules of contract arose. In light of this reality, the need arises to reconsider the foundations on which this theory is based in a way that is consistent with the requirements of the contemporary economic environment and enhances the achievement of balance in contractual relations.