Ebook Law amp; economics (6th edition): Part 2
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Ebook Law amp; economics (6th edition): Part 2
8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2ient Law 170(1861)Whoever o ffers to another a bargain of any kind, proposes to do this: Give me that which Ỉ want, and you shall have this which you want, is the meaning of every such offer; and it is in this manner that »v Ebook Law amp; economics (6th edition): Part 2we stand in need of. It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to theiEbook Law amp; economics (6th edition): Part 2
r own interest.Adam Smith, The Wealth of Nations 22 (5th ED. 1789)4 promise invokes trust in my future actions, not merely in my present sincerity.Cha8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2ictory: and children promise to behave better. The law becomes involved when someone seeks to have a promise enforced by the state. Here are some examples:Example 1: The Rich Uncle. The rich uncle of a struggling college student learns at the graduation party that his nephew graduated with honors. S Ebook Law amp; economics (6th edition): Part 2wept away by good feeling, the unde promises the nephew a trip around the world. Later the unde reneges on his promise The student sues his unde, askiEbook Law amp; economics (6th edition): Part 2
ng the court to compel the uncle to pay for a trip around the world.Example 2: The Rusty Chevy One neighbor offers to sell a used car to another for $8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2s fit the rusting Chevrolet in the backyard, not the shiny Cadillac in the driveway. The seller is equally surprised to learn that the buyer expected the Cadillac. The buyer asks the court to order the seller to turn over the Cadillac.276www.downloadslide.comhttps://khothuvien.cori!I. Bargain Theory Ebook Law amp; economics (6th edition): Part 2: An Introduction to Contracts277Example 3: The Grasshopper Killer. A farmer, in response to a magazine advertisement for "a sure means to kill grasshEbook Law amp; economics (6th edition): Part 2
oppers,” mails S2b and receives two wooden blocks by return post with the instructions, "Place grasshopper on Block A and smash with Block B.” I he bu8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2s? A promise is enforceable if the courts offer a remedy to the victim of the broken promise. Traditionally, courts have been cautious about enforcing promises that arc not given in exchange for something. In Example 1. the promise of a trip around the world is a gift to the nephew. The rich uncle d Ebook Law amp; economics (6th edition): Part 2oes not receive anything in exchange: so. according to the traditional analysis, the courts should not enforce the uncle’s promise. In Example 2. moneEbook Law amp; economics (6th edition): Part 2
y exchanges for a promise, but the seller thought that he gave a different promise than the buyer thought she received. Courts often refuse to enforce8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2olves deception, not confusion. A ‘sure method to kill grasshoppers” means something more than what the seller delivered. The courts ordinarily offer a remedy to the victims of deceptive promises.If an enforceable promise was broken, what should the remedy be? One remedy requires the promise breaker Ebook Law amp; economics (6th edition): Part 2 to keep the promise. For example, if the court decided that the seller in Example 2 broke his promise, then the court might order the seller to delivEbook Law amp; economics (6th edition): Part 2
er the Cadillac to the buyer. This kind of remedy is unavailable in Example 3 because the seller cannot exterminate grasshoppers as promised. Instead,8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2ples illustrate the two fundamental questions in contract law: “What promises should be enforced?” and "What should be the remedy for breaking enforceable promises?” Courts lace these questions when deciding contract disputes and legislatures lace these questions when making statutes to regulate con Ebook Law amp; economics (6th edition): Part 2tracts. A theory of contract law must guide courts, legislatures, and private parties (and their lawyers) who make contracts.I. Bargain Theory: An IntEbook Law amp; economics (6th edition): Part 2
roduction to ContractsIn the late nineteenth and early twentieth centuries. Anglo-American courts and legal commentators developed the bargain theory 8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2 To implement this answer, theorists isolated and abstracted the minimal elements of a typical bargain, and these distinctions remain fundamental to the way law yers think about contracts. We w ill explain the bargain theory and use its elements in an economic theory of contracts.A. What Promises Sh Ebook Law amp; economics (6th edition): Part 2ould Be Enforceable at Law?"What promises should he enforceable at law?” The bargain theory has a clear answer to this question, which, following ProfEbook Law amp; economics (6th edition): Part 2
essor Mel Eisenberg, we call rhe bargainwww.downloadslide.com278CHAPTER 8 An Economic Theory of Contract Lawprinciple: /1 promise is legally enforceab8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2 "bargains” or "nonbargains.” Consequently, the theory requires an exact specification of the necessary and sufficient conditions for the court to conclude that a bargain occurred.Bargaining is a dialogue on value to agree on a price. The bargain theorists distinguished three elements in the dialogu Ebook Law amp; economics (6th edition): Part 2e: offer, acceptance, and consideration. "Offer" and "acceptance" have the same meaning in this theory as they do in ordinary speech: One party must mEbook Law amp; economics (6th edition): Part 2
ake an offer ("I'll take that rusty Chevy over there for SI000"). and the other must accept it ("Done”). Sometimes business practices and social conve8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2, and the auctioneer may signal acceptance by shouting "Sold!” Sometimes contract law and statutes specify procedures for offer and acceptance. For example, most states require written contracts and registration for sales of land.The "promisor" refers to the person who gives a promise, and the "prom Ebook Law amp; economics (6th edition): Part 2isee" refers to the person who receives a promise. In a bargain, the promisee induces the promisor to give the promise. The inducement may be money, aEbook Law amp; economics (6th edition): Part 2
s when the farmer pays $25 for the promise of a device that kills grasshoppers. The inducement may be goods, as when an automobile dealer delivers a c8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2ure payment. Or the inducement may be another promise, as when a farmer promises to deliver wheat to a w holesaler in the fall, and the wholesaler promises to pay a certain price upon delivery. The forms of a bargain thus include money-for-a-promise. goods-for-a-promise. service-for-a-promise. and p Ebook Law amp; economics (6th edition): Part 2romise-for-a-promise.Regardless of form, each bargain involves reciprocal inducement: The promisee gives something to induce the promisor to give theEbook Law amp; economics (6th edition): Part 2
promise, and the promisor gives the promise as inducement to the promisee. Common law' uses the technical term consideration to describe what the prom8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2oppers. The delivery' of a car. the painting of a house, or a promise to deliver crops may be consideration for a promise of future payment.According to the bargain theory, the contract remains incomplete until the promisee gives something to the promisor to induce the promise. When completed, the c Ebook Law amp; economics (6th edition): Part 2ontract becomes enforceable. In other words, consideration makes the promise enforceable. The bargain theory holds that promises secured by consideratEbook Law amp; economics (6th edition): Part 2
ion are enforceable and promises lacking consideration are unenforceable.Let us illustrate the bargain theory by applying it to the three examples at 8 An Economic Theory of Contract LawITJhe movement of the progressive societies has hitherto been (I movement from Status to Contract.Henry Maine,Anci Ebook Law amp; economics (6th edition): Part 2he world. Apparently there was no consideration, so the promise is unenforceable. In general, the promise to give a pure gift, w hich is not induced by the promise of something in return, is not enforceable under the bargain theory.In contrast, consideration was given in Example 2 in exchange for th Ebook Law amp; economics (6th edition): Part 2e promise to supply the used car. The question raised in Example 2 is whether there was offer andwww.downloadslide.comGọi ngay
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