Classical Theory of Contract Law
Foundations of Legal Agreements & Obligations
Summary
This lesson introduces the classical theory of contract law, focusing on the concepts of freedom of contract and exchange of obligations. It explores the historical evolution since the 1700s and outlines the distinctions between bilateral and unilateral contracts.
Highlights
- 📜 Classical theory is fundamental to law.
- 🕰️ Evolved significantly since the 1700s.
- 🔑 Freedom to choose whom to contract with.
- ⚖️ Exchange of obligations is a core requirement.
- 💼 Bilateral: Mutual responsibilities.
- 📢 Unilateral: Public offers and performance.
Key Insights
Reciprocity: Contracts aren't one-sided; they require "Consideration" from both parties.
Autonomy: Individuals have the power to create their own legal rules within agreements.
History: Modern principles solidified in English courts during the late 1800s.
Lesson Transcript
[00:00:01] welcome back everybody to contract law... talk very briefly about this idea of contractual Theory the classical theory of contract...
[00:01:35] developing from an around the 1700s we start to see the emergence of a body of law that we would describe described today as the law of contract...
[00:03:13] the principle of the freedom of contract simply stipulates that an individual is able to enter into a contractual obligation with whomever they so choose...
Study Questions
1. What are the two pillars of classical theory?
Freedom of contract and the exchange of obligations.
2. What is a unilateral contract?
An agreement created by a public offer where acceptance is demonstrated through action (e.g., finding a lost pet).
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