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The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
Contract theory also utilizes the notion of a complete contract, which is thought of as a contract that specifies the legal consequences of every possible state of the world. More recent developments known as the theory of incomplete contracts , pioneered by Oliver Hart and his coauthors, study the incentive effects of parties' inability to ...
Contractualism is a term in philosophy which refers either to a family of political theories in the social contract tradition (when used in this sense, the term is an umbrella term for all social contract theories that include contractarianism), [1] or to the ethical theory developed in recent years by T. M. Scanlon, especially in his book What We Owe to Each Other (published 1998).
The history of contract law dates back to ancient civilizations and the development of contract law has been heavily influenced by Ancient Greek and Roman thought. There have been further significant developments in contract law during and since the Middle Ages and especially with the development of global trade .
In civil law systems, the sources of law include the legal codes, such as the civil code or the criminal code, and custom; [note 2] in common law systems there are also several sources that combine to form "the law". Civil law systems often absorb ideas from the common law [note 3] and vice-versa. Scotland, for instance, has a hybrid form of ...
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
The Death of Contract is a book by American law professor Grant Gilmore, written in 1974, about the history and development of the common law of contracts. [1] [2] Gilmore's central thesis was that the Law of Contracts, at least as it existed in the 20th-century United States was largely artificial: it was the work of a handful of scholars and judges building a system, rather than a more ...
Contract law in the majority of civil law jurisdictions is part of the broader law of obligations codified in a civil or commercial code clearly outlining the extent to which public policy goals limit freedom to contract and adhering to the general principle that the sole formal requirement for a contract to be formed is the existence of a ...