Before revision:  Using a recent theory of singular changes of measures for Ito processes, we formulate a principal-agent problem in this context, and solve it in the case of CARA preferences .
After revision:  Using a recent theory of singular changes of measures for Ito processes, we study how restrictive this family is. In particular, in the special case of the standard Homlstr\"om-Milgrom model with fixed volatility, the family includes all possible contracts. We solve the principal-agent problem in this context, and solve it in the case of CARA preferences .