The Economic Basis for Principle of Changed Circumstances

LIU Ting-hua

Volume 27 Issue 3

Jun. 2021

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Article Navigation > Journal of University of Science and Technology Beijing ( Social Sciences Edition) > 2011 > 27(3): 85-89

LIU Ting-hua. The Economic Basis for Principle of Changed Circumstances[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2011, 27(3): 85-89.

Citation:

LIU Ting-hua. The Economic Basis for Principle of Changed Circumstances[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2011, 27(3): 85-89.

LIU Ting-hua. The Economic Basis for Principle of Changed Circumstances[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2011, 27(3): 85-89.

Citation:

LIU Ting-hua. The Economic Basis for Principle of Changed Circumstances[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2011, 27(3): 85-89.

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The Economic Basis for Principle of Changed Circumstances

LIU Ting-hua

School of Government Administration Yibin University, Yibin 644000, China

Received Date: 2011-06-28
Available Online: 2021-06-26

Abstract

Abstract

Compelling economic logic lies beneath the principle of changed circumstances.On the one hand, the valuation and costs of performance to contracting parties have changed in the case of changed circumstances so that the original contract is no longer an effective means of resource allocation and must be changed or canceled.On the other hand, in accordance with the requirements of economic efficiency, risk should be allocated to the superior risk-taking people.As neither of the contracting parties may meet the requirement, the principle of changed circumstances distributes risk fairly between the parties by adjusting or discharging the contract.
- contract law,
- changed circumstances,
- economic logic

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