Contract theory is the body of legal theory that deals with normative and conceptual issues in contract law. One of the most important questions in contract theory is why contracts are applied. An important answer to this question focuses on the economic benefits of applying good deals. Another approach, associated with Charles Fried, asserts that the purpose of contract law is to enforce promises. This theory is developed in Fried`s book Contract as Promise. Other approaches to treaty theory are found in the writings of jurists and critical scientists. Contract law is an area of U.S. law that includes agreements between individuals, companies, and groups. If someone is unable to comply with an agreement, it is a ”breach” and the treaty laws allow you to take the matter to court. Contract lawyers and a judge will discuss the case and find a fair solution. However, the consideration must be made in the context of the conclusion of the contract, and not as in the previous consideration. For example, in the first English case of Eastwood v.
Kenyon , the guardian of a young girl, took out a loan to educate her. After her marriage, her husband promised to pay the debt, but the loan was considered a late consideration. The inadequacy of the current consideration is linked to the customs rule already in force. In the first English case Stilk v. Myrick , a captain, promised to distribute the salaries of two deserters among the remaining crew if they agreed to return home in the short term; However, this promise was deemed unenforceable, since the crew was already in charge of sailing. The mandatory rule already in force also extends to general legal obligations; For example, a promise not to commit an unlawful act or misdemeanour is not sufficient.  A contract is applied if it complies with certain basic rules for the conclusion of a legally binding contract. There are a number of joint agents against the application of a contract, including: if the agreement does not meet the legal requirements to be considered a valid contract, the ”contractual agreement” is not enforced by law and the injuring party does not have to compensate the non-injuring party.
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