Contracts II – Professor Martin Contract Theory To Remember I. Purposes of Contract Law a. Implement expectation that agreements between parties will be honored b. Encourage economic activity c. Compensate the aggrieved party II. Differing views on the sacrosanctity of voluntary exchange a. Preserves the status quo by failing to recognize differences in bargaining power b. Respects the dignity and freedom of the individual by taking them at their word ****** Above are all from Chirelstein Calamari and Perillo pg. 5– As the economic structure of societies moved from status to contract, freedom of contract used stood as a benchmark for progress. However, in modern society that freedom has increasingly come under attack due to disparities in bargaining power. As such, legislative and judicial restrictions upon contractual freedom are on the rise. pg. 6 –Societies without faith in the legal system or help from contract law resort to violence and vengeance. Contract law helps keep public peace .
This is the end of the preview.
access the rest of the document.