As Per Eric Gang, contract law differs widely from one country to the next. Many civil law countries base their contract validity laws on English precedents. The Abstraction principle is the core of German contract law. The Napoleonic Code and the Civil Code of Lower Canada both use the Abstraction concept in their legal systems. Roman-Dutch law is in effect in Indonesia, Suriname, and South Africa. These nations' laws are often a hybrid of Dutch and English law.
Pluralism is a fifth stance. Several basic aims are given in this paper, none of which are necessarily consistent or mutually satisfactory. These opposing viewpoints should be assessed on a number of criteria, including their fit within the doctrine, whether they have justified the law, and their internal coherence. Here are some examples of potential assessment criteria:
Contract enforcement relies heavily on free will and logic. Failures of freewill and reason are often exploited in trade interactions and serve as a typical foundation for regulatory intervention. A thorough examination of freedom in contract law must determine whether diverse types of persuasion represent instances of improper control. However, duress and uninformed consent explanations do not sufficiently address this problem. Furthermore, if these arguments do not create reason in the negotiating process, they may be ineffective.
Eric Gang believes that, in practice, contract law should provide for a specified performance remedy as well as non-compensatory "penalties" to guarantee performance. Such cures, however, do not function in the actual world. These remedies are ineffective because they need more than the promisee's expected interest. Lake River v. Carborundum is an example of ineffective collaboration between parties. However, these recommendations do not contradict current legislation.
In addition to explaining contract law fundamentals, the author offers fresh information and case examples. Students will master the subtleties of contract law throughout the course, including how to assess the meaning of extrinsic evidence, supplement phrases, and alter contracts. They will also learn how to define gifts and deals, assess contracts, and avoid typical mistakes. In addition, students will study about remedies, particular performance, and legal defenses in the event of a breach.
Contract law, as a pluralistic system, has evolved and refined over many centuries. Diverse legal minds differed on the appropriate manner to settle contract disputes. Despite these disparities, certain contract law ideas have withstood the competitive process and shifting normative norms in the larger society. For example, the expectation remedy may be a relic of a past age's dedication to the basic promissory responsibility.
Eric Gang described that, anticipatory repudiation and breach of contract remedies differ by jurisdiction, but they always stem from a meeting of minds. A meeting of minds is required in civil law nations in order to make a legitimate contract. A violation of contract gives rise to a variety of remedies, including monetary recompense for loss. However, in extreme circumstances, repudiation may be the only option. In addition, for breach of contract, specific performance or an injunction may be issued.
Modern contract law is likewise at ease with filling in the blanks in contracts and imputing a market price where none is specified. In certain circumstances, using a philosophy of action might help to clarify ambiguous phrases. In the instance of Corthell v. Summit Thread Co., for example, a promisor commits to compensate its workers for "fair acknowledgement" of their ideas.
There are various unique views of the underlying principles of contract law in common law. One of the most well-known of these statements is that contract law is the enforcement of a moral responsibility to keep agreements. A similar point of view regards the law as facilitating efficient trade and investment, a notion that has received a lot of attention in legal literature. Finally, there is a fourth explanation that emphasizes the parties' unique connection and the importance of cooperative action. The fifth point of view attempts to clarify the essence of contract law and its relationship to other fields of law.