Search results
Results From The WOW.Com Content Network
Contract theory in economics began with 1991 Nobel Laureate Ronald H. Coase's 1937 article "The Nature of the Firm". Coase notes that "the longer the duration of a contract regarding the supply of goods or services due to the difficulty of forecasting, then the less likely and less appropriate it is for the buyer to specify what the other party should do."
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 .
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 .
[i] In the People's Republic; Hong Kong is a common law jurisdiction whose contract law is largely identical to the pre-1997 contract law of England and Wales, Macau operates under a distinct framework modelled after Portuguese civil law, and contract law in the Mainland is governed by the 2021 Civil Code of the People's Republic of China.
If the terms of the contract are uncertain or incomplete, the parties cannot have reached an agreement in the eyes of the law. [9] An agreement to agree does not constitute a contract, and an inability to agree on key issues, which may include such things as price or safety, may cause the entire contract to fail.
Operationally, the "legal origins" scholars assigned the majority of countries in the world to either the English-common law, the French-civil law, or one among the German, Scandinavian, and Socialist legal traditions and then they calculated correlations between these legal origins dummies and proxies for the aforementioned economic outcomes. [1]
AWB Simpson, 'The Horwitz Thesis and the History of Contracts' (1979) 46(3) The University of Chicago Law Review 533; Books. G Gilmore, The Death of Contract (1974) PS Atiyah, The Rise and Fall of Freedom of Contract (Oxford 1979) AWB Simpson, A History of the Common Law of Contract: the Rise of the Action of Assumpsit (1987)
English law professor Patrick Atiyah argues that the idea that contracts could be based on consent was almost entirely absent in legal circles before 1770. Atiyah dates the "rise" of the concept to the period after 1770, he calls that period from 1770 to 1870 "the age of Freedom of Contract", and he sees its "decline and fall" occurring from ...