In contract law, an incomplete contract is one that is defective or uncertain in a material respect. In economic theory, an incomplete contract (as opposed to a complete contract) is one that does not provide for the rights, obligations and remedies of the parties in every possible state of the world.
In contract law, an incomplete contract is one that is defective or uncertain in a material respect. In economic theory, an incomplete contract (as opposed to a complete contract) is one that does not provide for the rights, obligations and remedies of the parties in every possible state of the world.
Source: Wikipedia "Incomplete contracts" · CC BY-SA 4.0
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