||In this talk we study a finite horizon optimal contract problem with limited commitment in continuous time. We use the dual method and study the dual problem which is similar to an incremental irreversible investment problem. We transform the dual problem into an infinite series of optimal stopping problems, which essentially becomes a single optimal stopping problem. The optimal stopping problem has the same characteristics as that of finding the optimal exercise time of an American option, which has an integral equation representation. We recover the value function by establishing a duality relationship and provide some numerical results for optimal consumption strategies. This talk is based on a joint work with Hyeng Kuen Koo.