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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 First Treatise attacks patriarchalism in the form of sentence-by-sentence refutation of Robert Filmer's Patriarcha, while the Second Treatise outlines Locke's ideas for a more civilized society based on natural rights and contract theory. The book is a key foundational text in the theory of liberalism.
Freedom of contract is the principle according to which individuals and groups may 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.
Compact theory contrasts with contract theory, which holds that the United States was formed with the consent of the people—rather than the consent of the states—and thus the federal government has supreme jurisdiction over the states. Compact theory has never been upheld by the courts.
Accordingly, it has been argued that social contract theory is more consistent with the contract law of the time of Hobbes and Locke than with the contract law of our time and that certain features in the social contract which seem anomalous to us, such as the belief that we are bound by a contract formulated by our distant ancestors, would not ...
An implicit contract can be an explicitly written document or a tacit agreement (some people call the former an "explicit contract"). The contract is self-enforcing, meaning that neither of the two parties would be willing to breach the implicit contract in absence of any external enforcement since both parties would be worse off otherwise.
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).
A night-watchman state, also referred to as a minimal state or minarchy, whose proponents are known as minarchists, is a model of a state that is limited and minimal, whose functions depend on libertarian theory.