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The Role of Fairness in Contract: An Insight for Islamic Contracts

Posted by admin
August 27th, 2021

By Abdul Qahir, Syed MunawarShah, Syed Hussain Shah

Abstract

This paper identifies fairness and reputations in the ultimatum game by conducting laboratory experiments on 48 students from different faculties at BUITEMS. This paper explores the relationship between proposer’s offer and responder’s decision. This paper covers two experiments (Reputation experiment with low amount of money and Reputation experiment with high amount of money). Reputation experiments showed that majority of offers were fair and were accepted by respondents. The implication is very important and helpful for contracts on Islamic Shari’ah which claims that the contracts are based on fairness. This paper found that higher the offers from proposers, higher will be the acceptance rate and vice versa.

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