CONTRACT LAW

Why Enforcement of a contract requires the promise keeping theories?

Why Enforcement of a contract requires the promise keeping theories?

Introduction

A contract is a promise or set of promises made by one party to another for breach of which the law provides a remedy. The promise or promises may be expressing (either written or oral) or can be inferred from the circumstances. Normally, the remedy for breach of contract is money damages designed to restore the injured party to the economic situation that he or she expects the fulfillment of the promise or promises (known as a "confidence measure" of damages). Occasionally, a court may order a party to carry out his promise (an order of "specific performance"), but the cure is unusual.

Integrating the social contract theory is dominated by the concept of "contract promise," or what I call the theory of promissory. Since the Second Restatement Agreement as Promise by Charles Fried, is widely assumed that the basis of contract enforcement has to do with the obligation that one has to keep promises. According to this theory, one looks at the institution's promise to see why, and therefore, when the commitments are not legally enforceable.

Discussion

Now I realize that for many of the promise theory may seem not only to be obviously correct, but one can not immediately think of an acceptable alternative to it. It certainly seems preferable to the theory of detrimental reliance on contract promoted by those who announced the "death of contract." And I admit that the promise theory has its attractions, especially if assessed, like me, the vitality of the contract by the degree to which a legal system implements the classical liberal conception of justice, a central principle of freedom is contract. Freedom of contract has two dimensions: the first, the freedom of contract provides that persons not subject to contractual obligations imposed on them without their consent. The second, the freedom of contract stipulates that people should have the right to modify the consent of their legal relations. The theory of promise has been healthy for both aspects of freedom of contract to some degree.

The promise theory views the contract originated in the realization of a promise. This means that the views of the creation of derivative contracts, an important part of the voluntary acts of third parties promisors and not the rule. In this sense, the theory makes the ...