The law shaping decision-making under business contracts is evolving. Where a contract confers a 'genuine discretion' on a party regarding a particular matter, there's an 'implied contractual term' that the discretion must be exercised in a way which is not 'arbitrary, capricious or irrational'. That implied term applies regardless of sector or industry, and may require a rethink in how businesses behave, and how they record their decisions. Read more...(bron: Bird&Bird)