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Size of Act must be large enough (Law)

 §1. Parliament draft laws which are necessary for running the country within the frame of Constitution. Let us say constitution reflects the society and its values which it wants to realize.

§2. The problem of incomplete contract is about the inability of contract framers to envision each and every possible future events within premises of contract. As contract is framed to avoid dead weight loss and to facilitate the efficient exchange of promises. Revision of such contracts to accommodate new conditions requires additional cost. 

§3. In legal premise, Act formulated by legislation can be viewed as social contract. It is unlike private law to be enforced, agreement among people of the country. To formulate such, people elect the most capable person among themselves. Rules and regulations are often left to be articulated by administrators. Rules are for implementation purposes rather than to formulate principles and basic understandings.

§4. Hence, the Act to be formed by legislators must be argued enough, to encompass all conditions to address all circumstances in the future that can arise out of such agreed terms in the society. There is always problem of incomplete contract in such Acts. Rules driven laws bear the huge cost in the country due to incomplete contract. Cost of revision of such contract will be minimal compared to social cost due to such incomplete contracts. 

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