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Contract theory. From a legal point of view, a contract is an institutional arrangement for the way in which resources flow, which defines the various relationships between the parties to a transaction or limits the rights and obligations of the parties. From an economic perspective, contract theory studies how economic actors can and do ...
Relational contract theory was originally developed in the United States by the legal scholars Ian Roderick Macneil and Stewart Macaulay. According to Macneil, the theory offered a response to the so-called "The Death of Contract" school’s nihilistic argument that a contract was not a fit subject for study as a whole; each different type of contract (e.g., sales, employment, negotiable ...
v. t. e. In moral and political philosophy, the social contract is an idea, theory or model that usually, although not always, concerns the legitimacy of the authority of the state over the individual. [1] Conceptualized in the Age of Enlightenment, it is a core concept of constitutionalism, while not necessarily convened and written down in a ...
Freedom of contract is the process in which individuals and groups form contracts without government restrictions. This is opposed to government regulations such as minimum-wage laws , competition laws , economic sanctions , restrictions on price fixing , or restrictions on contracting with undocumented workers .
Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise. It can take a number of forms: money, property, a promise, the doing of an act, or even refraining from doing an act. In broad terms, if one agrees to do ...
Leviathan or The Matter, Forme and Power of a Commonwealth Ecclesiasticall and Civil, commonly referred to as Leviathan, is a book written by Thomas Hobbes (1588–1679) and published in 1651 (revised Latin edition 1668). [1][5][6] Its name derives from the biblical Leviathan. The work concerns the structure of society and legitimate government ...
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).
Contract law. A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent [1] to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract ...