The rise and fall of freedom of contract pdf

We tend to think of a contract as the legal embodiment of a moral obligation to keep a promise. When two parties enter into a transaction, they are obligated as moral beings to play out the transaction in the way that both parties expect. But this overlooks a broader understanding of the moral possibilities of the market. Oman argues persuasively that well-functioning markets are morally desirable in and of themselves and thus a fit object of protection through contract law.

Markets, Oman shows, are about more than simple economic efficiency. To do business with others, we must demonstrate understanding of and satisfy their needs. Markets also provide a context in which people can peacefully cooperate in the absence of political, religious, or ideological agreement. Finally, the material prosperity generated by commerce has an ameliorative effect on a host of social ills, from racial discrimination to environmental destruction.

The first book to place the moral status of the market at the center of the justification for contract law, The Dignity of Commerce is sure to elicit serious discussion about this central area of legal studies. The concentration on information solutions which enhance and leave more space to party autonomy is a fundamentally new approach to this core issue and is typical of Community legislation. The complexity of the question made it advisable to have the different aspects treated and discussed by specialists in different areas: by legal scholars and economists, by EC law and by contract law specialists, by scholars from different jurisdictions with different regulatory approaches and backgrounds.

Gustavo Teixeira eds. Freedom of Contract as Ideology. Oxford: Clarendon Press. Since Gilmore has already proclaimed the death of contract in this country,' American legal scholars should not be startled by its. Trebilcock, The Limits of Freedom of. Buckley, Durkam ; from the social and economic perspective see P. For relations between law and economy in Roman May 8, Pettit, Jr. For example, if we easily enforce a contract, we force the will of the past.

This article explores a crucial moment in American legal history, known as the Lochner era, in which the rise of freedom of contract was sharp enough to defeat The Rise and Fall of Freedom of Contract. John's College in the University of Oxford. University Press. Rise and Fall of Freedom of Contract under Bills of. Create Alert Alert. Share This Paper. Background Citations. Methods Citations. Citation Type. Has PDF. Publication Type.

More Filters. Kobayashi, Geoffrey P. Miller, Timothy J. Muris, Robert H. Nelson, Eric A. Posner, Robert K. Rasmussen, Larry E. Ribstein, Roberta Romano, Paul H.