Contracts In Crises

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The Effects of Financial Crises on the Binding Force of Contracts - Renegotiation, Rescission or Revision

Author : Başak Başoğlu
Publisher : Springer
ISBN 13 : 331927256X
Total Pages : 333 pages
Book Rating : 4.3/5 (192 download)

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Book Synopsis The Effects of Financial Crises on the Binding Force of Contracts - Renegotiation, Rescission or Revision by : Başak Başoğlu

Download or read book The Effects of Financial Crises on the Binding Force of Contracts - Renegotiation, Rescission or Revision written by Başak Başoğlu and published by Springer. This book was released on 2016-02-25 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about one of the most controversial dilemmas of contract law: whether or not the unexpected change of circumstances due to the effects of financial crises may under certain conditions be taken into account. Growing interconnectedness of global economies facilitates the spread of the effects of the financial crises. Financial crises cause severe difficulties for persons to fulfill their contractual obligations. During the financial crises, performance of contractual obligations may become excessively onerous or may cause an excessive loss for one of the contracting parties and consequently destroy the contractual equilibrium and legitimate the governmental interventions. Uncomfortable economic climate leads to one of the most controversial dilemmas of the contract law: whether the binding force of the contract is absolute or not. In other words, unstable economic circumstances impose the need to devote special attention to review and perhaps to narrow the binding nature of a contract. Principle of good faith and fair dealing motivate a variety of theoretical bases in order to overcome the legal consequences of financial crises. In this book, all these theoretical bases are analyzed with special focus on the available remedies, namely renegotiation, rescission or revision and the circumstances which enables the revocation of these remedies. The book collects the 19 national reports and the general report originally presented in the session regarding the Effects of Financial Crises on the Binding Force of Contracts: Renegotiation, Rescission or Revision during the XIXth congress of the International Academy of Comparative Law, held in Vienna, July 2014.

Contracts in Crises

Author : Richard E. Speidel
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)

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Book Synopsis Contracts in Crises by : Richard E. Speidel

Download or read book Contracts in Crises written by Richard E. Speidel and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Services, Financial Crisis and General European Contract Law

Author : Stefan Grundmann
Publisher : Kluwer Law International B.V.
ISBN 13 : 904113526X
Total Pages : 354 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Financial Services, Financial Crisis and General European Contract Law by : Stefan Grundmann

Download or read book Financial Services, Financial Crisis and General European Contract Law written by Stefan Grundmann and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Speculation is rife on the origins of the worldwide financial crisis of 2008, with a preponderance focusing on alleged shortcomings in corporate governance. This book offers a distinct yet complementary perspective: that the most useful path to follow, if we want to understand what happened and forestall its happening again, is through an analysis of contract relationships - specifically, banking contracts entered into in the financial services sector, considered under the rubric of contract law rather than company law. Because banking is the area of European contract law which is most thoroughly developed, banking contracts can be seen as paradigmatic of typical assumptions and shortcomings often examined in the more general debate on contract law. And indeed, the very thoroughness of European banking contract law makes it a promising ground on which to build effective preventive measures. In this book thirteen noted scholars, recognizing that modern contract law must take into account global markets and risks, consider banking contracts within networks and within mass transactions. Always attending to the long-term relationships that characterize financial services contracts, they focus on such cross-sector issues as the following: rule-setting and the question of who should best regulate and at which level; networks of contracts as the backbone of a market economy; the complex interplay between market regulation and traditional contract law; avoiding erroneous assumptions about the future development of prices; the passing on of the risk via securitization; rating relationships affected by conflicts of interests; remuneration problems; core duties of information and advice in an agency relationship in services; fiduciary duties of loyalty and care; types of clients and level of protection; differentiation in information available on various markets; and the question of enforcement.

Liquidity and Crises

Author : Franklin Allen
Publisher : Oxford University Press
ISBN 13 : 0199780935
Total Pages : pages
Book Rating : 4.1/5 (997 download)

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Book Synopsis Liquidity and Crises by : Franklin Allen

Download or read book Liquidity and Crises written by Franklin Allen and published by Oxford University Press. This book was released on 2010-11-30 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises have been pervasive for many years. Their frequency in recent decades has been double that of the Bretton Woods Period (1945-1971) and the Gold Standard Era (1880-1993), comparable only to the period during the Great Depression. Nevertheless, the financial crisis that started in the summer of 2007 came as a great surprise to most people. What initially was seen as difficulties in the U.S. subprime mortgage market, rapidly escalated and spilled over first to financial markets and then to the real economy. The crisis changed the financial landscape worldwide and its full costs are yet to be evaluated. One important reason for the global impact of the 2007-2009 financial crisis was massive illiquidity in combination with an extreme exposure of many financial institutions to liquidity needs and market conditions. As a consequence, many financial instruments could not be traded anymore, investors ran on a variety of financial institutions particularly in wholesale markets, financial institutions and industrial firms started to sell assets at fire sale prices to raise cash, and central banks all over the world injected huge amounts of liquidity into financial systems. But what is liquidity and why is it so important for firms and financial institutions to command enough liquidity? This book brings together classic articles and recent contributions to this important field of research. It provides comprehensive coverage of the role of liquidity in financial crises and is divided into five parts: (i) liquidity and interbank markets; (ii) the public provision of liquidity and regulation; (iii) money, liquidity and asset prices; (iv) contagion effects; (v) financial crises and currency crises.

Encyclopedia of Crisis Management

Author : K. Bradley Penuel
Publisher : SAGE Publications
ISBN 13 : 1452275963
Total Pages : 1177 pages
Book Rating : 4.4/5 (522 download)

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Book Synopsis Encyclopedia of Crisis Management by : K. Bradley Penuel

Download or read book Encyclopedia of Crisis Management written by K. Bradley Penuel and published by SAGE Publications. This book was released on 2013-02-14 with total page 1177 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although now a growing and respectable research field, crisis management—as a formal area of study—is relatively young, having emerged since the 1980s following a succession of such calamities as the Bhopal gas leak, Chernobyl nuclear accident, Space Shuttle Challenger loss, and Exxon Valdez oil spill. Analysis of organizational failures that caused such events helped drive the emerging field of crisis management. Simultaneously, the world has experienced a number of devastating natural disasters: Hurricane Katrina, the Japanese earthquake and tsunami, etc. From such crises, both human-induced and natural, we have learned our modern, tightly interconnected and interdependent society is simply more vulnerable to disruption than in the past. This interconnectedness is made possible in part by crisis management and increases our reliance upon it. As such, crisis management is as beneficial and crucial today as information technology has become over the last few decades. Crisis is varied and unavoidable. While the examples highlighted above were extreme, we see crisis every day within organizations, governments, businesses and the economy. A true crisis differs from a "routine" emergency, such as a water pipe bursting in the kitchen. Per one definition, "it is associated with urgent, high-stakes challenges in which the outcomes can vary widely (and are very negative at one end of the spectrum) and will depend on the actions taken by those involved." Successfully engaging, dealing with, and working through a crisis requires an understanding of options and tools for individual and joint decision making. Our Encyclopedia of Crisis Management comprehensively overviews concepts and techniques for effectively assessing, analyzing, managing, and resolving crises, whether they be organizational, business, community, or political. From general theories and concepts exploring the meaning and causes of crisis to practical strategies and techniques relevant to crises of specific types, crisis management is thoroughly explored. Features & Benefits: A collection of 385 signed entries are organized in A-to-Z fashion in 2 volumes available in both print and electronic formats. Entries conclude with Cross-References and Further Readings to guide students to in-depth resources. Selected entries feature boxed case studies, providing students with "lessons learned" in how various crises were successfully or unsuccessfully managed and why. Although organized A-to-Z, a thematic "Reader's Guide" in the front matter groups related entries by broad areas (e.g., Agencies & Organizations, Theories & Techniques, Economic Crises, etc.). Also in the front matter, a Chronology provides students with historical perspective on the development of crisis management as a discrete field of study. The work concludes with a comprehensive Index, which—in the electronic version—combines with the Reader's Guide and Cross-References to provide thorough search-and-browse capabilities. A template for an "All-Hazards Preparedness Plan" is provided the backmatter; the electronic version of this allows students to explore customized response plans for crises of various sorts. Appendices also include a Resource Guide to classic books, journals, and internet resources in the field, a Glossary, and a vetted list of crisis management-related degree programs, crisis management conferences, etc.

Fighting Financial Crises

Author : Gary B. Gorton
Publisher : University of Chicago Press
ISBN 13 : 022647951X
Total Pages : 245 pages
Book Rating : 4.2/5 (264 download)

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Book Synopsis Fighting Financial Crises by : Gary B. Gorton

Download or read book Fighting Financial Crises written by Gary B. Gorton and published by University of Chicago Press. This book was released on 2018-09-19 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you’ve got some money in the bank, chances are you’ve never seriously worried about not being able to withdraw it. But there was a time in the United States, an era that ended just over a hundred years ago, in which bank customers had to pay close attention to whether the banking system would remain solvent, knowing they might have to rush to retrieve their savings before the bank collapsed. During the National Banking Era (1863–1913), before the establishment of the Federal Reserve, widespread banking panics were indeed rather common. Yet these pre-Fed banking panics, as Gary B. Gorton and Ellis W. Tallman show, bear striking similarities to our recent financial crisis. In both cases, something happened to make depositors—whether individual customers or corporate investors—“act differently” and find reason to question the value of their bank debt. Fighting Financial Crises thus turns to the past for a fuller understanding of our uncertain present, investigating how panics during the National Banking Era played out and how they were eventually quelled and prevented. Gorton and Tallman open with a survey of the period’s “information environment,” tracing the development of national bank notes, checks, and clearing houses to show how the key to keeping order was to disseminate information very carefully. Identifying the most effective responses based on the framework of the National Banking Era, they then consider the Fed’s and the SEC’s reactions to the recent crisis, building an informative new perspective on how the modern economy works.

Understanding Financial Crises

Author : Franklin Allen
Publisher : Oxford University Press
ISBN 13 : 0199251428
Total Pages : 314 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis Understanding Financial Crises by : Franklin Allen

Download or read book Understanding Financial Crises written by Franklin Allen and published by Oxford University Press. This book was released on 2009 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: What causes a financial crisis? Can crises be anticipated or even avoided? Should governments & international institutions intervene? Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises & use the latest economic theories to begin to understand the causes & consequences.

Psychological Contract and the Financial Crisis

Author : Fotini Mastroianni
Publisher : Grin Publishing
ISBN 13 : 9783668398634
Total Pages : 24 pages
Book Rating : 4.3/5 (986 download)

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Book Synopsis Psychological Contract and the Financial Crisis by : Fotini Mastroianni

Download or read book Psychological Contract and the Financial Crisis written by Fotini Mastroianni and published by Grin Publishing. This book was released on 2017-03-20 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2012 in the subject Economics - Job market economics, language: English, abstract: A key example of drastic change in today's global working environment with important consequences for employees since the diversification of all aspects of work is the transformation of the -psychological contract- among employees and their organizations. As such -psychological contract- is defined by Rousseau (1995) as -the belief that a person for the terms and conditions of a mutual agreement transaction between him/her and another participant, in this case between the employee and the organization-. More specifically, the term -psychological contract- refers to mutual obligations, values, expectations and desires of employees from their employers, beyond any formal employment contract. In other words, it is a transaction relationship, where employees and employers have certain expectations about their mutual obligations, which are, of course, different for each employee and significantly affect what each side believes is its obligation. The psychological contract has been characterized in a various ways, for example, as -unstable, subjective, unconscious, indirect, alive, something that employees know it exists, only when it is changed- (Appelbaum et al.).

A History of Financial Crises

Author : Cihan Bilginsoy
Publisher : Routledge
ISBN 13 : 1317703812
Total Pages : 500 pages
Book Rating : 4.3/5 (177 download)

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Book Synopsis A History of Financial Crises by : Cihan Bilginsoy

Download or read book A History of Financial Crises written by Cihan Bilginsoy and published by Routledge. This book was released on 2014-11-27 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Once-in-a-lifetime" financial crises have been a recurrent part of life in the last three decades. It is no longer possible to dismiss or ignore them as aberrations in an otherwise well-functioning system. Nor are they peculiar to recent times. Going back in history, asset price bubbles and bank-runs have been an endemic feature of the capitalist system over the last four centuries. The historical record offers a treasure trove of experience that may shed light on how and why financial crises happen and what can be done to avoid them - provided we are willing to learn from history. This book interweaves historical accounts with competing economic crisis theories and reveals why commentaries are often contradictory. First, it presents a series of episodes from tulip mania in the 17th century to the subprime mortgage meltdown. In order to tease out their commonalities and differences, it describes political, economic, and social backgrounds, identifies the primary actors and institutions, and explores the mechanisms behind the asset price bubbles, crashes, and bank-runs. Second, it starts with basic economic concepts and builds five competing theoretical approaches to understanding financial crises. Competing theoretical standpoints offer different interpretations of the same event, and draw dissimilar policy implications. This book analyses divergent interpretations of the historical record in relation to how markets function, the significance of market imperfections, economic decision-making process, the role of the government, and evolutionary dynamics of the capitalist system. Its diverse theoretical and historical content of this book complements economics, history and political science curriculum.

The Handbook of the Political Economy of Financial Crises

Author : Martin H. Wolfson
Publisher : Oxford University Press
ISBN 13 : 0199324077
Total Pages : 784 pages
Book Rating : 4.1/5 (993 download)

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Book Synopsis The Handbook of the Political Economy of Financial Crises by : Martin H. Wolfson

Download or read book The Handbook of the Political Economy of Financial Crises written by Martin H. Wolfson and published by Oxford University Press. This book was released on 2013-01-07 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Financial Crisis that began in 2007 reminds us with devastating force that financial instability and crises are endemic to capitalist economies, and that it is only strong and dynamically-changing financial regulations that can keep the damage caused by these crises within bounds. The international financial system and individual national economies, including that of the United States, are suffering from the aftermath of the worst financial crisis since the Great Depression. Economists are struggling to understand the origins and implications of the crisis. The Handbook of the Political Economy of Financial Crises uses a political economy theoretical framework to analyze the crisis. After an opening chapter that describes the dimensions of the current crisis, the next section provides relevant theoretical frameworks. Subsequent sections apply these theoretical frameworks to analyze the background, dimensions, and implications of the crisis for the world economy. Leading scholars push forward our understanding of how and why our international and domestic economies are susceptible to financial breakdown and what can be done to mitigate this problem in the future. The methodology throughout applies theoretical concepts in the context of an historical and institutional understanding of the real world. By emphasizing the historical and institutional aspects of financial crises, the authors advance economic knowledge and provide insights into how we can manage our financial system to improve the lives of ordinary people.

Financial Crises

Author : Stelios Markoulis
Publisher : BoD – Books on Demand
ISBN 13 : 1789238579
Total Pages : 118 pages
Book Rating : 4.7/5 (892 download)

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Book Synopsis Financial Crises by : Stelios Markoulis

Download or read book Financial Crises written by Stelios Markoulis and published by BoD – Books on Demand. This book was released on 2021-01-14 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book on financial crises is written at a time when the whole world is facing another crisis, a different one this time; one that is related to our health, as well as the economy in a painful manner. The first chapter of this book focuses on the economic effects of this crisis with particular emphasis on the financial sector. The remainder of the book presents a selection of readings related to the GFC. These touch upon issues such as corporate governance; the effect of the collapse of the Lehman Brothers on the net-worth of financial and non-financial firms; securitization and why the alchemy “did not work”; and finally, a case-study on Turkey and in particular the Turkish short-term interest rates and exchange rates and their relationship to political developments.

Law and Economics of the Coronavirus Crisis

Author : Klaus Mathis
Publisher : Springer Nature
ISBN 13 : 3030958760
Total Pages : 408 pages
Book Rating : 4.0/5 (39 download)

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Book Synopsis Law and Economics of the Coronavirus Crisis by : Klaus Mathis

Download or read book Law and Economics of the Coronavirus Crisis written by Klaus Mathis and published by Springer Nature. This book was released on 2022-04-27 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The coronavirus pandemic struck unexpectedly, posing unprecedented challenges around the world. At the same time, this crisis also offers a unique opportunity for reflection, research, and insight regarding this and similar global and domestic crises. There is much to be learned from analysing the effects of the crisis. It provides a chance for a fresh scholarly examination of important aspects of legal regulation, policymaking, and more. This volume pursues these questions from a broad range of Law and Economics perspectives and is divided into two parts. The first part examines the immediate impact of and responses to the coronavirus crisis, while the second explores the future possibilities that scholarly analysis of this crisis can offer. As to the immediate impact and responses, questions of compliance with regulations and safety measures, nudging and decision-making with regard to the coronavirus crisis are examined from the perspective of behavioural economics. In addition, the short- and long-term effects of various emergency policy responses on contract law are studied. Current issues and challenges like the regulation of internet platforms, excessive pricing, the right to adequate food, risk and loss allocation, as well as remote learning and examinations, which have been impacted, brought about, complicated or aggravated by the coronavirus crisis, are analysed in depth. Lastly, future possibilities in the areas of data access rights, economic instability and the balance between political-economic interests and social interests, patenting, food labels and open data are illustrated.

Public Procurement Regulation in (a) Crisis?

Author : Sue Arrowsmith
Publisher : Bloomsbury Publishing
ISBN 13 : 1509943056
Total Pages : 560 pages
Book Rating : 4.5/5 (99 download)

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Book Synopsis Public Procurement Regulation in (a) Crisis? by : Sue Arrowsmith

Download or read book Public Procurement Regulation in (a) Crisis? written by Sue Arrowsmith and published by Bloomsbury Publishing. This book was released on 2021-11-04 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book provides the first systematic analysis of global public procurement regulation and policy during and beyond the COVID-19 pandemic. Through both thematic chapters and national case studies, this book: - explores the adequacy of traditional legal frameworks for emergency procurement; - examines how governments and international organisations have responded specifically to the pandemic; and - considers how the experience of the pandemic and the political impetus for reform might be leveraged to improve public procurement more broadly. Public procurement has been critical in delivering vital frontline public services both in the health sector and elsewhere, with procurement of ventilators, protective equipment and new hospitals all hitting the headlines. At the same time, procurers have faced the challenge of adjusting existing contracts to a new reality where, for example, some contracted services can no longer operate. Further, efficient and effective procurement will be an essential, and not a luxury, in the economic recovery. With case studies on Italy, the UK, the USA, India, Singapore, Africa, Latin America and China, the book brings together the world's leading academics and practitioners from across Europe, the Americas, Asia and Africa to examine these issues, providing an essential resource for policy makers, legislators, international organisations and academics.

Systemic Financial Crises

Author : Patrick Honohan
Publisher : Cambridge University Press
ISBN 13 : 1107320828
Total Pages : 412 pages
Book Rating : 4.1/5 (73 download)

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Book Synopsis Systemic Financial Crises by : Patrick Honohan

Download or read book Systemic Financial Crises written by Patrick Honohan and published by Cambridge University Press. This book was released on 2005-09-26 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Faced with a systemic financial sector crisis, policymakers need to make difficult choices under pressure. Based on the experience of many countries in recent years, few have been able to achieve a speedy, lasting and low-cost resolution. This volume considers the strengths and weaknesses of the various policy options, covering both microeconomic (including recapitalization of banks, bank closures, subsidies for distressed borrowers, capital adequacy rules and corporate governance and bankruptcy law requirements) and macroeconomic (including monetary and fiscal policy) dimensions. The contributors explore the important but little understood trade-offs that are involved, such as between policies which take effect quickly, those which minimize long-term fiscal and economic costs, and those which create favorable incentives for future stability. Successfully implementing crisis management and crisis resolution policy required attention to detail and a good flow of information.

Digging Out

Author : Charles Clark
Publisher : iUniverse
ISBN 13 : 1462019854
Total Pages : 268 pages
Book Rating : 4.4/5 (62 download)

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Book Synopsis Digging Out by : Charles Clark

Download or read book Digging Out written by Charles Clark and published by iUniverse. This book was released on 2011-07-27 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: In hard times, dissension mounts. The old social contract flounders and cannot be revived. Forces of reaction assert themselves. Danger intensifies. In dark times, opportunity appears. Such is our time. It is time to debate and define the next social contract, to articulate its political aims and action plan. It is time to change the world. In Digging Out: Global Crisis and the Search for a New Social Contract, two brothers from the social and environmental justice movements engage this debate with a revolutionary proposal rooted in the power dynamics of the worlds rising service-based economy. They provide a theoretical framework to reinterpret and address festering world problems through local and global initiatives. They urge cultural reinvigoration to deploy our social skills and innovation in service of others. Their proposal confirms the leading role of civil society, and it calls for a worldwide commercial transaction fee to curb financial speculation while adequately and permanently funding a sustainable future. Digging Out proposes a new social contract to advance economic security, social justice, and ecological restoration worldwide. It is a clarion call, urging us to unite and demand the changes necessary for a better tomorrow.

The Oxford Handbook of Behavioral Emergencies and Crises

Author : Phillip M. Kleespies
Publisher : Oxford University Press
ISBN 13 : 0199352739
Total Pages : 600 pages
Book Rating : 4.1/5 (993 download)

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Book Synopsis The Oxford Handbook of Behavioral Emergencies and Crises by : Phillip M. Kleespies

Download or read book The Oxford Handbook of Behavioral Emergencies and Crises written by Phillip M. Kleespies and published by Oxford University Press. This book was released on 2016-08-22 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Behavioral Emergencies and Crises includes the most up-to-date and valuable research on the evaluation and management of the most challenging patients or clients faced by mental health providers-individuals who are at high risk of suicide, of other-directed violence, or of becoming the victims of interpersonal violence. These are cases in which the outcome can be serious injury or death, and there can be negative consequences not only for the patient, but also for the patient's family and friends, for the assessing or treating clinician, and for the patient's clinic or medical center. Virtually all mental health clinicians with an active caseload will see individuals with such issues. This Handbook is comprised of chapters by leading clinicians, researchers, and scholars in this area of practice. It presents a framework for learning the skills needed for assessing and working competently with such high-risk individuals. Chapters draw a distinction between behavioral emergencies and crises, and between emergency intervention and crisis intervention. The book examines the inter-related aspects of the major behavioral emergencies; that is, for example, the degree to which interpersonal victimization may lead an individual on a pathway to later suicidal or violent behavior, or the degree to which suicidal individuals and violent individuals may share certain cognitive characteristics. This resource is not simply a knowledge base for behavioral emergencies; it also presents a method for reducing stress and acquiring skills in working with high-risk people.

Wayward Contracts

Author : Victoria Kahn
Publisher : Princeton University Press
ISBN 13 : 0691171246
Total Pages : 384 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Wayward Contracts by : Victoria Kahn

Download or read book Wayward Contracts written by Victoria Kahn and published by Princeton University Press. This book was released on 2016-07-26 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why did the language of contract become the dominant metaphor for the relationship between subject and sovereign in mid-seventeenth-century England? In Wayward Contracts, Victoria Kahn takes issue with the usual explanation for the emergence of contract theory in terms of the origins of liberalism, with its notions of autonomy, liberty, and equality before the law. Drawing on literature as well as political theory, state trials as well as religious debates, Kahn argues that the sudden prominence of contract theory was part of the linguistic turn of early modern culture, when government was imagined in terms of the poetic power to bring new artifacts into existence. But this new power also brought in its wake a tremendous anxiety about the contingency of obligation and the instability of the passions that induce individuals to consent to a sovereign power. In this wide-ranging analysis of the cultural significance of contract theory, the lover and the slave, the tyrant and the regicide, the fool and the liar emerge as some of the central, if wayward, protagonists of the new theory of political obligation. The result is must reading for students and scholars of early modern literature and early modern political theory, as well as historians of political thought and of liberalism.