Risk and Obligation in a Time of Pandemics : Black Swan Contracts

COVID-19 has forced a radical rethink of all areas of human interactions, not least those governed by contract law. Is contract law fit for purpose in the face of the challenges raised by the pandemic? How effective are its standard tools during these unprecedented times? In one of the first major comments on the response of private law to the crisis, this book argues that in order to retain its legitimacy, contract law must fundamentally realign around 5 key objectives. These are: (i) meeting the reasonable expectations of honest actors; (ii) protecting against windfall gains; (iii) keeping obligations within stated or defined boundaries; (iv) navigating the boundary between legitimate self-interest and exploitation and (v) protecting against the harm that comes from solemn and repeated promises not being honoured.

COVID-19 has forced a radical rethink of all areas of human interactions, not least those governed by contract law. Is contract law fit for purpose in the face of the challenges raised by the pandemic? How effective are its standard tools during these unprecedented times? In one of the first major comments on the response of private law to the crisis, this book argues that in order to retain its legitimacy, contract law must fundamentally realign around 5 key objectives. These are: (i) meeting the reasonable expectations of honest actors; (ii) protecting against windfall gains; (iii) keeping obligations within stated or defined boundaries; (iv) navigating the boundary between legitimate self-interest and exploitation and (v) protecting against the harm that comes from solemn and repeated promises not being honoured.