Human rights due diligence (HRDD) is a buzzword in business and human rights (BHR) activities. However, multinational corporations (MNCs) often conduct it as a tick-box exercise without transparency. Using a relational contract theory, this article argues that when MNCs contract with local communities through community development agreements (CDAs) to perform HRDD, such contracts are internationalized relational contracts that attract a level of good faith. An established principle in international economic law, good faith serves as a standard for assessing conduct designed to discharge obligations in international contracts between states and MNCs (investor-state contracts). Similar to how investor-state arbitration tribunals use good faith jurisprudence in regulating the relationship between states and MNCs, this article proposes a BHR good faith jurisprudence to prescribe how HRDD obligations should be discharged. The article concludes that a good faith interpretational exercise in BHR would (1) reduce MNCs’ cosmetic compliance with HRDD principles; (2) increase transparency in the HRDD exercise; and (3) become a source of rights for local communities to enforce corporate accountability.

This paper examines how English courts have responded to the contract problems generated by the Covid-19 pandemic and considers what this tells us about future contract law development. In relation to consumers, the case law on pandemic-affected contracts, though limited, indicates that traditional contract doctrine does not necessarily produce beneficial outcomes for consumers. This further diminishes the importance of the common law in the consumer contracting context. In the commercial sector, contracting parties were encouraged by government and other organisations to co-operate with one another and act in good faith during the crisis, but this has not influenced the courts applying contract law in the pandemic aftermath. The emerging case law suggests that contract law has retained its commitment to certainty, freedom of contract and sanctity of contract, notwithstanding the extraordinary circumstances around the outbreak and its unpredictable effects on contracts. The unalloyed application of formal contract law in the post-pandemic case law augments the position of relational norms as extra-contractual in English law, putting the further judicial development of relational contract principles in doubt. The paper concludes that despite the considerable social and economic upheaval caused by the pandemic, its impact on contract law development is likely to be minimal.

This paper argues that in platform-based digitalisation of international trade processes, the use of blockchain instead of a central database system does not by itself adequately address the platform provider’s potential to engage in opportunistic behaviour. Digital transformation of international trade is, thus, constrained by hold-up problems. This requires embedding governance mechanisms in platform rulebooks designed to establish trust and commonality of interests. The article proposes a governance mechanism to promote widespread digital adoption through contract design choices based on guiding principles that can establish legally enforceable behavioural standards which align with the relational characteristics of digital trade networks.

Oliver E. Williamson, who died on May 21, 2020 at the age of 87, was one of the most influential social scientists of modern times. In 2009, he was co-recipient of the Nobel Prize in Economics. As of mid-October 2021, he had been cited an astonishing 317,838 times according to Google Scholar. His measured influence outdistances that of even his fellow Nobel Laureates Elinor Ostrom (230,667), Douglass C. North (187,577) and Ronald H. Coase (123,686). This special issue of the Journal of Institutional Economics brings together a distinguished roster of scholars to remember Williamson, to elucidate some of his key ideas and influences, and to extend the reach of his ideas to new arenas.

Relational contract theory holds that the interpretation of a contract must take full account of the context and surrounding circumstances of the parties’ bargain so as to give effect to their respective intentions. This paper argues that if a relational treatment of contracts is to be institutionalised, in the sense of being utilised in a contract dispute to determine and give effect to the parties’ intentions, then it must operate at an abstract level. That is to say, rather than using relevant context to determine what the actual parties intended in the circumstances at hand, the contextualist enquiry should ascertain the relevant context by reference to what the parties would have agreed to in the circumstances, had they properly reflected on what their self-interest requires. I discuss the merits of this proposition by reference to a number of appellate judgments, which already endorse contextualism as a response to contractual ambiguity, and I ultimately apply it to the Supreme Court's judgment in Rainy Sky SA v Kookmin Bank.

With a focus on a specific employment group this research attempted to add to the knowledge on the content of the psychological contract. Structured interviews with 35 managers generated 651 responses relating to the content of their psychological contracts. Analysis of those responses resulted in the development of an initial two-component measure of the contract. One component (23 items) included the managers' expectations relating to the organisation's obligations. The other component (16 items) included the managers' obligations relating to the perceived organisation's expectations. Validation of the measure was based on a questionnaire completed by 124 managers. Participants considered all items to be important aspects of the contract. Participants also rated as high the obligation of each party to meet the expectations of the other. Factor analysis of the measure revealed two factors in each component which, in line with previous research, were termed relational obligations and transactional obligations. A robust methodology is proposed for continuing research into the content of the psychological work contract.