Contract Law and Contract Practice: Bridging the Gap Between Legal Reasoning and Commercial Expectation
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- Author: CATHARINE MITHELL
- ISBN: 9781849461214
- Availability: In Stock
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An oft-repeated assertion within contract law scholarship and
cases is that a good contract law (or a good commercial contract law) will meet
the needs and expectations of commercial contractors. Despite the prevalence of
this statement, relatively little attention has been paid to why this should be
the aim of contract law, how these 'commercial expectations' are identified and
given substance, and what precise legal techniques might be adopted by courts
to support the practices and expectations of business people. This book
explores these neglected issues within contract law. It examines the idea of
commercial expectation, identifying what expectations commercial contractors
may have about the law and their business relationships (using empirical
studies of contracting behaviour), and assesses the extent to which current
contract law reflects these expectations. It considers whether supporting
commercial expectations is a justifiable aim of the law according to three
well-established theoretical approaches to contractual obligations:
rights-based explanations, efficiency-based (or economic) explanations and the
relational contract critique of the classical law. It explores the specific
challenges presented to contract law by modern commercial relationships and the
ways in which the general rules of contract law could be designed and applied
in order to meet these challenges. Ultimately the book seeks to move contract
law beyond a simple dichotomy between contextualist and formalist legal
reasoning, to a more nuanced and responsive legal approach to the regulation of
commercial agreements.