Will And Reliance Theory

Front 1

What is the orthodox account of the purpose of the law of contract

Back 1

Invokes human freedom and allows a beneficial deal to be created.
It restrains freedom because we have to uphold terms of the contract.

Front 2

What is the will theory

Back 2

Attributes contractual obligations to the will of the parties
will theory of contract, advocated by the Charles Fried, is often considered to be 
the orthodox view of contract law.  The will theory holds that contracts are based on 
promises and that it is wrong to disappoint a promise as they create expectations in 
others

Front 3

What is the laissez faire philosophy?

Back 3

It is a private injunction against the government interference of trade. Allows us to be free of economic intervention and taxation beyond what is necessary.
PURPOSE: maintain peace, individual freedom and property rights.

Front 4

What is meant when we say the law of contract is "conferring rules"

Back 4

It means that it allows individuals to enter an agreement of their choice on their own terms.
We are morally bound to do this because we intentionally invoke moral obligations

Front 5

Which doctrines do not apply to the will of the parties

Back 5

- consideration
- illegality
- frustration
- duress
- statutes e.g. Unfair Contract Terms Act 1977

Front 6

Fried ' Promissory principle'

Back 6

Persons may impose obligations where there were non before thus source of contractual obligation must be from the promise itself.

Front 7

Problem with explaining modern doctrines in term of laissez faire

Back 7

Froth of standard form of contracts and money in fewer hands allows powerful contracting parties to impose terms on consumers/ weaker parties because the weaker party has not imposed obligation they dont have a choice.
- Courts have limited contractual power by regulating employer contracts with minimum wage.

Front 8

Problem with promise principle

Back 8

Don't force promiser to carry out promise but to receive compensation. DOCTRINE OF MITIGATION that requires plaintiff to use reasonable efforts to alleviate injury caused by defendant.

Front 9

Problems for the orthodox account

Back 9

will theory doesn't fit existing rules. It is more suited to the 1900s so doesn't coincide with current values

Front 10

Atiyah

Back 10

wherever benefits are obtained, wherever acts of reasonable reliance take place, obligations may arise both morally and in law"

Front 11

Consideration according to Fried

Back 11

Fired said taht it was irraionall and difficult to explain but the doctrine of consideration shows parties are serious because of free exchange.
It is another test of seriousness but it is not detrimental reliance but free exchange