Theories of Contract Law

[New Entry by Daniel Markovits on September 11, 2015.] Contract is a branch of private law. It thus concerns private obligations that arise in respect of symmetrical relations among natural and
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[New Entry by Daniel Markovits on September 11, 2015.] Contract is a branch of private law. It thus concerns private obligations that arise in respect of symmetrical relations among natural and artificial persons rather than public obligations that arise in respect of hierarchical relations between persons and the state. Contract, at least in its orthodox expression, is distinctive for concerning chosen, or voluntary, obligations - that is, obligations constituted by the intentions of the contracting parties. This entry describes doctrinal and theoretical accounts of contract law with a special emphasis on the relationship between...

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News source: Stanford Encyclopedia of Philosophy

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