The contract as voluntary commutative justice. Part III

Abstract

At present, there is no generally accepted theory of why contracts are binding. We will propose one based on an idea that goes back to Aristotle: contract as voluntary commutative justice. In Part I, the authors of this article show why that explanation better accounts for the enforceability of contracts than modern explanations based on autonomy and efficiency. In Part II and III, they show how this theory can explain the principal common law doctrines that govern when and how a contract of exchange is enforced. Finally, in Part IV, the authors discuss remedies for breach of contract.