Book contents
- Frontmatter
- Contents
- Table of Cases
- Preface
- 1 Introduction: empire of reason, or republic of common sense?
- 2 Intention, will and agreement
- 3 Promise, bargain and consideration
- 4 Unequal transactions
- 5 Mistake
- 6 Public policy
- 7 Enforcement
- 8 Conclusion: joint dominion of principle and policy
- Select Bibliography
- Index
- References
4 - Unequal transactions
Published online by Cambridge University Press: 07 September 2011
- Frontmatter
- Contents
- Table of Cases
- Preface
- 1 Introduction: empire of reason, or republic of common sense?
- 2 Intention, will and agreement
- 3 Promise, bargain and consideration
- 4 Unequal transactions
- 5 Mistake
- 6 Public policy
- 7 Enforcement
- 8 Conclusion: joint dominion of principle and policy
- Select Bibliography
- Index
- References
Summary
It might be true to say, as a social observation, that most contracts involve an exchange of approximately equal value, but this observation is decidedly misleading in respect of contract law. Very many contracts that have legally significant consequences involve the exchange of unequal values, and the effect of contract law, where such contracts are enforced, is, therefore, to bring about unequal exchanges. A contract may make a poor person rich; it may make a rich person poor; and it may make a poor person even poorer than formerly. These may be the consequences not only of contracts known to be speculative, but of ordinary contracts, such as sales of goods or land.
- Type
- Chapter
- Information
- Principle and Policy in Contract LawCompeting or Complementary Concepts?, pp. 87 - 122Publisher: Cambridge University PressPrint publication year: 2011