One of the most controversial issue of contemporary contract law is the role to be recognized to courts in the construction of the contracts' content. Several recent European soft law codes tend to deal with contracts' construction by means of the English doctrine of implied terms, a doctrine which in fact seems to become more and more popular also in civil law systems. The article first of all focuses on what appears to be the real underlying issue of contracts' construction: the overall impression is that it is not quite a question of mimicking the parties' presumed intention, but rather to decide on a certain risk allocation. Attention is then drawn to the possible factual circumstances in which courts seem to be more likely to imply ter...