The Determinants of Commercial Contract Formation: A Systematic Review
Keywords:
Commercial contracts, negotiation determinants, smart contracts, digital transformation.Abstract
The formation of commercial contracts has undergone a significant transformation, extending beyond the classical offer-and-acceptance framework to incorporate behavioral, economic, and technological influences that characterize contemporary business interactions. In an era defined by globalization and digital transformation, traditional notions of consent, trust, and enforceability have been reshaped, while emerging technologies such as artificial intelligence and blockchain have revolutionized how agreements are initiated, executed, and monitored. These advancements have contributed to increased efficiency and transparency, yet they have also introduced complex challenges related to accountability, jurisdiction, and risk. This systematic review explores the primary determinants affecting contract formation, examining how legal, behavioral, economic, and technological dimensions intersect to influence contractual processes. Following the PRISMA 2020 framework, the review analyzed 34 peer-reviewed studies published between 2020 and 2025, encompassing a wide range of jurisdictions and sectors. The analysis identified six interrelated determinants: legal and institutional structures, economic considerations, behavioral dynamics, technological advancements, negotiation strategies, and mechanisms of dispute resolution. While legal certainty and harmonization remain fundamental, behavioral factors such as trust and perceptions of fairness contribute critically to contract sustainability. Meanwhile, technological tools particularly digital platforms and smart contracts enhance procedural efficiency but pose new questions regarding interpretation and enforcement. Ultimately, this study highlights that effective contract formation today requires a careful balance between automation and safeguards rooted in legal, ethical, and procedural norms. A comprehensive, adaptive approach that integrates legal harmonization, behavioral understanding, and technological governance is imperative for building trust and accountability in the evolving landscape of commercial contracting.
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