The Law of Contracts

In the nineteenth century, also known as the classical age of English contract law and the ..... of laissez-faire economic theory, common law rejected the moral theory of Lord Mansfield, which held that promises are a moral obligation.

Contracts are promises that the law will ......

The law provides remedies if a promise is ..... and recognizes the performance of a promise as a duty.

Contracts ..... when a duty does or may come into existence, because of a promise made by one of the parties.

The Law of Contracts deals with self-..... duties, that is, agreements voluntarily concluded between parties.

To be legally ..... as a contract, a promise must be exchanged for adequate consideration.

Adequate consideration is a benefit which a party receives which reasonably and fairly ..... them to make the promise/contract.

Promises that are purely ..... are not considered enforceable because the personal satisfaction the grantor of the promise may receive from the act is normally not considered adequate consideration.

Certain promises that are not considered contracts may, in limited circumstances, be enforced if one party has relied to his ..... on the assurances of the other party.

The Law of Contracts is usually broadly classified either as part of the Law of Obligations or as part of the system of private law (which ..... contracts, property and torts).