Ep. 4: Contract Law in Complex Business Relationships: Modification, Good Faith, and Enforcement Challenges

Exploring the challenges of contract formation and enforcement in situations of high uncertainty and complexity. They examine the potential for contract modification in relational contracts, specifically exploring situations where one party seeks to renegotiate the terms after incurring costs in preparation for performance. Additionally, they delve into the concept of "good faith" in requirements and exclusive dealings contracts, arguing that a party cannot arbitrarily reduce or increase its requirements without legitimate business justification. The extracts also examine the enforceability of preliminary agreements and the use of covenants not to compete to protect business interests, alongside an exploration of public policy considerations in such agreements. Sharing knowledge that empowers. Subscribe for weekly insights with Idris Soyinka.