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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 ...
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 ...
The freedom to contract is the underpinning of laissez-faire economics and is a cornerstone of free-market libertarianism. The proponents of the concept believe that through "freedom of contract", individuals possess a general freedom to choose with whom to contract, whether to contract or not, and on which terms to contract.
A relational contract is a contract whose effect is based upon a relationship of trust between the parties. The explicit terms of a relational contract are an outline: implicit terms and understandings that determine the behaviour of the parties. Relational contract theory was originally developed in the United States by the legal scholars Ian ...
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).
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 ...
Legal evolution is a branch of legal theory which proposes that law and legal systems change and develop according to regular, natural laws. [1] [2] It is closely related to social evolution and was developed in the 18th century, peaking in popularity in the 19th century before entering a prolonged hiatus. [3]