In this paper, I use an economic approach to analyse the rules on contract interpretation of the Feasibility Study for a Future Instrument in European Contract Law (hereinafter 'Feasibility Study'). The main findings of this paper are twofold. First, assuming that primarily (medium-sized) firms in international transactions will choose the Feasibility Study to govern their contract, the subjective (or contextual) approach of Article 56 of the Feasibility Study should not have been chosen as the default. Firms typically prefer courts to adhere as closely as possible to the ordinary meaning of the words in the agreement. That is to say, firms typically prefer the textualist (or objective) approach. The textualist theory will not always suit contracting parties. Therefore, parties should have the possibility to contract around the textualist default. Second, Article 57 of the Feasibility Study is less advantageous for contracting parties. In principle - assuming again that primarily (medium-sized) firms in international transactions will choose the Feasibility Study to govern their contract - courts should use narrow evidentiary bases when interpreting contracts. However, courts should also comply with party requests to broaden the base that is applicable to them. Résumé: Dans le présent article, j'utilise une approche économique pour analyser les règles d'interprétation de l'Etude de Faisabilité pour un Futur Instrument en Droit Européen des Contrats ('L'Etude de Faisabilité'). Les principales constatations sont doubles. Premièrement, en supposant que les entreprises (de taille moyenne) choisiront principalement l'Etude de Faisabilité pour gouverner leur contrat dans les transactions transfrontalières, l'approche subjective (ou contextuelle) de l'article 56 de l'Etude de Faisabilité n'aurait pas dû être choisie par défaut. Les entreprises préfèrent en général que les tribunaux s'en tiennent le plus possible au sens commun des termes du contrat. Autrement dit, les entreprises donnent la préférence en général à l'approche textuelle (ou objective). La théorie de l'approche textuelle ne conviendra pas toujours aux parties contractantes. C'est pourquoi les parties devraient avoir la possibilité de contracter sur base de l'approche textuelle choisie par défaut. Deuxièmement, l'article 57 de l'Etude de Faisabilité est moins avantageux pour les parties contractantes. En principe - en supposant encore une fois que les entreprises de taille moyenne choisiront principalement l'Etude de Faisabilité pour gouverner leur contrat dans des transactions transfrontalièrs - les tribunaux devraient utiliser des bases étroites d'établissement de la preuve quand ils interprètent les contrats. Quoiqu'il en soit, les tribunaux devraient aussi se conformer aux demandes d'une partie d'élargir la base qui leur est applicable.
disappointing that there is not space to at least advert to the relationship between the General Agreement on Tariffs and Trade (in particular Article XX) and environmental protection measures. Given the significant potential of the WTO and its covered agreements to affect (or interact with) the practical workings of other areas of both international and national law, slightly greater depth of treatment might be of value to the handbook's audience in any later editions. These points, however, are more by way of suggestion than criticism. At a time of increasingly narrow specializations in international law it is an invaluable service to international lawyers and non-specialists alike to have a single volume that, in clear and concise language and with ample use of practical illustrations, provides an initial overview of the subject and points the way to further research. While the examples used definitely favour British practice, they are by no means limited to them and the work will remain of use and interest to a wide readership.
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