Contracts - Research Article from Encyclopedia of Business and Finance

This encyclopedia article consists of approximately 8 pages of information about Contracts.
This section contains 2,346 words
(approx. 8 pages at 300 words per page)
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Contracts

"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."

The freedom to contract has not existed throughout history. In medieval England, the courts did not engage in the enforcement of agreements between individuals. Rather, the feudal society that ruled personal interaction was relied upon for all forms of trade. As society evolved to emphasize individual freedoms over social caste, the ability to contract was viewed as a fundamental tenet of individual liberty. Writers and economic theorists such as Adam Smith, David Ricardo, Jeremy Bentham, and John Stuart Mill "successively insisted on freedom of bargaining as the fundamental and indispensable requisite of progress; and imposed their theories on the educated thought of their times."

Article I, Section 10 of the U...

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This section contains 2,346 words
(approx. 8 pages at 300 words per page)
Buy the Contracts Encyclopedia Article
Copyrights
Macmillan
Contracts from Macmillan. Copyright © 2001-2006 by Macmillan Reference USA, an imprint of the Gale Group. All rights reserved.
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