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The Law of Contract





(1) Although the law generally allows individuals to order their con-

duct by private agreement, “freedom of contract” is certainly not abso-

lute. Increasingly in recent years the law has imposed limitations upon

private contract to prevent abuse in the bargaining process and enforce-

ment of agreements that are illegal.

(2) The policy favoring performance of promises is supported on

many theoretical grounds. Historically, giving a promise or concluding

an agreement constituted a solemn commitment, based upon religious,

moral, or ethical grounds, to perform. This “sanctity of contract” ap-

proach is bolstered by the law’s general recognition of private autonomy

in contract matters. Under the principle of “freedom of contract,” the

law allows individuals to regulate their own affairs by private agreement

by recognizing the promises embodied in the agreement as legally bind-

ing. Yet another approach supports enforcement of contracts on grounds

that a promise, once made, induces others to rely upon it, creating an

expectation of performance. Finally, and perhaps most important,

promises are enforced because the needs of modern business and soci-

ety generally require recognition of binding promises. Because all of the

foregoing considerations—personal responsibility or morality, individu-

256


 

 

al autonomy, fairness, and economic efficiency—support enforcement

of promises, it is no surprise that contract principles are among the most

firmly rooted in law.

(3) In its most general sense, the law of contracts concerns the legal

effect of promise-making, determining when performance of a promise

is legally required, and governing the relationship between parties to a

contractual promise. Promises and their legal consequences are there-

fore the basis of contract study. The fact that certain promises are legally

binding is fundamental to modern society. In a developed economic or-

der the claim to promised advantages is one of the most important of the

individual interests. Let’s consider credits. Credit is a principal form of

wealth. It is a presupposition of the whole economic order that promises

will be kept. Indeed, the matter goes deeper. The social order rests upon

the stability and predictability of conduct, of which keeping promises is

a large item. In other words, the basic premise of contract law, expressed

in the Latin phrase pacta sunt servanda (agreements shall be kept), re-

flects a more fundamental premise of human conduct generally.

(4) People make promises all the time: to show up on a date, to pay

back a loan, to obey certain rules. Contract law is concerned with a spe-

cial class of promises, for a contract is a promise or a set of promises for

the breach of which the law gives a remedy, or the performance of which

the law in some way recognizes as a duty. Thus, not all promises are con-

tracts. What distinguishes contractual from noncontractual promises are

the consequences of failure to perform. A promisor who fails to perform

a noncontractual promise incurs no legal liability. If, however, a promise

is contractual, the promisee is generally entitled to a contract remedy in

the event of the promisor’s nonperformance or breach. The most com-

mon remedy available for breach of contract is an award of dollar dam-

ages. If in the opinion of the court money is an inadequate remedy, the

court may force the promisor to actually perform the breached prom-

ise—a remedy known as specific performance.

(5) Contract law is the basic framework of all commercial law. Al-

though contracts are often viewed and discussed as a separate and dis-

tinct topic, many other topics are merely refined applications of contract

principles. For example, rights and duties in property, commercial pa-

per, agency, partnership, corporations, secured transactions, and insur-

ance are frequently determined on the basis of contractual relationships.

Even when a transaction is governed by statute the statutory rules may, in

many cases, be changed by a contract between the parties.

(6) In legal terms, a promise is simply a commitment or undertaking

that something will or will not happen in the future. The person mak-

ing the promise is the promisor, and the person to whom the promise

 


 

 

is made is the promisee. For example, if Sam promises to sell goods to

Betty and to deliver them in thirty days, Sam is the promisor and Betty

the promisee. Sam indicates that something will happen in the future;

goods will be delivered. Alternatively, the promisor can indicate that

something will not happen in the future. Suppose, for example, that

Sam, in exchange for an agreed sum of money, indicates that he will not

file a lawsuit against Betty. The definition of a promise includes both

types of commitments.

(7) No aspect of modern life is free from contractual relationships.

The ordinary consumer who buys a house, purchases a television or oth-

er good, borrows money, leases an apartment, rents a car, insures his or

her property or life, acquires rights and obligations based on contract.

Businesspeople purchasing raw materials or equipment, building a plant

or retail store, selling goods or services to customers, borrowing money,

selling stocks or bonds, or insuring their property are involved in con-

tracts. Contract law provides the certainty, stability, and predictability

required for the smooth and efficient performance of these and many

other essential transactions.

Look through the text once again and prepare 12-15 wrong statements.

Let the class correct them.

 

Text 5

Read the text. In each paragraph, find the topic sentence or phrase and those related

and unrelated to it.

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