Following our earlier discussion, the parties to any kind of contract can facilitate
efficient adjustment of obligations in three ways. First, they can specify in the contract itself
the conditions under which performance will not be required or the price for a part to buy out
of a particular obligation -- force majeure clauses and liquidated damages clauses in private
contracts are examples of this approach. Second, when their contract is incomplete as to
certain contingencies that mat arise, they can agree on (or embrace a legal system that provides