However, since it would be prohibitive to write a full contract, contracts in the real world are generally incomplete. If a dispute arises and the matter falls into a gap in the contract, either the parties must negotiate or the courts must intervene and fill the void. The idea of a full contract is closely linked to the concept of delay rules, for example.B legal provisions that fill the gap in a treaty in the absence of an agreed provision. On the other hand, incomplete contractual models take into account situations in which only a limited category of contracts is allowed, for example. B, in the company`s Grossman-Hart-Moore theory, only simple ownership structures can be contractually stipulated. [3] A formal agreement that often enters into a tacit agreement between citizens and the government on the rights and obligations of any group that confers legitimacy on a government If the parties to an agreement could define their respective rights and obligations for any potential future state in the world, its contract would be complete. There would be no loopholes in the terms of the contract. a formal agreement or not, a written legal agreement between two persons or companies that says what each should do for the other or that must give the other general agreement that something is true, reasonable or cannot be changed, that the information disclosed at a meeting can be used, but not the identities of the participants or organizations they belong to , if you haven`t solved the crossword puzzles yet, note Full Agreement so why not browse our database looking for the letters you already have! a formal agreement, especially in economics or politics, an agreement between two persons or groups involved in a war, fights or disagreements to stop it for a while In economics, the field of contract theory can be divided into complete treaty theory and incomplete contract theory. [1] The complete theory of the contract is also called agency theory (or principle agent theory) and is closely related to the theory of the design and implementation mechanism (Bayesschen). The two main classes of models in the whole of contract theory are an unfavorable choice and models of moral hazard. In this part of contract theory, any contractual agreement between the contracting parties is allowed, provided it is possible within the corresponding technological and IT constraints.