Incomplete Contracts

Incomplete contracts are agreements that do not specify every possible detail or situation that may arise during their execution. This can happen because it's impractical to predict all future circumstances or because parties intentionally leave some terms vague. As a result, when unforeseen issues occur, the involved parties might face disputes over interpretation or obligations. Incomplete contracts can be common in complex arrangements, like business partnerships or long-term projects, where flexibility is needed. To manage potential conflicts, parties often rely on good faith, negotiation, and legal principles to resolve uncertainties.