Considerfurtherthecontractualrenegotiationwhichentailstherevisionofinedistribution,,changesinrelativeassetpricesofthecontractedresources,acash-rentcontractwithunanticipatedinflation,,thatis,thegainereithercannotorwillnotfullypensatetheloserinmakingtherevision,leasetermination（hence,thechoiceofanappropriatelyshortduration）isessential.[11]Again,thiswouldnotbenecessaryiftransactioncostwerezero（evenifunanticipatedeventsoccurindependently）.Intheabsenceoftransactioncost,acontractwouldbedesignedtoallowdaytodaychangesinrentalpayments;withinanyleaseduration,thedistributionofinewouldnotbeheldfixedthroughout.[1].ThesepercentagesareputedfromDepartmentofRealEstates,ChinaEconomicYearbook（Shanghai:CommercialPress,1935）,（ibid.）.[2].AccordingtoasurveyconductedbytheExecutiveYuan（ChangesinLandRights）,coveringfourteenprovincesinChina（1937）,,sinceinflationbeganinthesameyear,-Japanesewar,seeChangandWang,QuestionsofFarmTenancy,chap.9.[3].Seesourcescitedinchapter1,notes10and13.[4]."long-term","PrivatePropertyandtheRelativeCostofTenure,"inThePublicStakeinUnionPower,（UniversityofVirginia,1959）,pp.350-71.[5].Twoindependentsurveys（China,1921-24and1935）revealthat,amongtenantfarms,landownersownedabout60to70percentofthehousingassets;,StatisticalAnalysis,pp.99-116.[6].Chiao,StudyofFarmVillages,,StatisticalAnalysis,pp.56-58；andChinaEconomicResearchDepartment,SourceMaterials,pp.84-89.[7].,"TheProblemofSocialCost,"JournalofLawandEconomics（1960）.[8].Legalrecordswhichcoverfifty-sixprefecturesinsixprovinces（China,1934-35）revealatotalof124tenancydisputes（mostlyinrentalpayments）,-thirdsoftheserecordedcasesendedintenancydismissals,,ChinaEconomicYearbook,（1935）,pp.G118-20；and（1936）,pp.G143-44.[9].Withleasetermination,forexample,asharetenantwhoalonewantschangesintheproductionplancanrequestafixed-rentcontract,purchasethelandoutright,,furthernegotiationmaystilltakeplaceifonepartywhowantstherevisionpaysthereluctantpartyanamounttomaketherevision"convincing."

[10].Localitieswithhigherfrequenciesofshareleases（China,1934）,StatisticalAnalysis,p.43,tables20and21；andp.59,table26.[11].Givenanunexpiredleasewhichfixestherentalrate,