What is another word for contract theory?
Pronunciation: [kˈɒntɹakt θˈi͡əɹi] (IPA) 
Contract theory is a prominent subfield of economics which studies how individuals and organizations make decisions in the presence of incomplete information and uncertain outcomes. Essentially, it investigates how parties can create a legally binding agreement that is mutually beneficial for all involved parties. There are many synonyms for contract theory, including the theory of contract law, the law of agreements, the principles of contract formation, and the economics of contracting. Other related terms include contract negotiation, contract management, and contract performance. These concepts are vital for businesses, corporations, and individuals who are in the process of forming legal agreements or partnerships.
