Some historical periods are particularly important (explained in Adams and Brownsword; Taylor and Taylor-digitised chapters on Blackboard): · 14th - 17th Century, when general common law principles of contract law first developed. . Late 18th - early 20th Century, when the freedom of contract/classical theory ideology developed. . Mid 20th Century/Post war period, when consumer-welfare approaches developed. . Before the 14th Century the royal courts would not hear actions relating to contracts. These were dealt with privately and/or locally. . Early 14th Century common law began to hear actions for breach of covenant (contract made under seal). . By the end of 14th Century courts allowed claims based on trespass for defective performance of an undertaking - known as assumpsit. · Assumpsit is the foundation of what we now refer to as contract law. . At the early development of the common law, formal contracts in the form of a ‘deed' were utilised. · A promise is not binding, except it is made in a 'deed' or given for 'consideration'. · English law imposes no formal requirements. Also, generally, contracts do not have to be in writing. . However, there are exceptional situations where the law stipulates that a contract is not valid unless it is made in writing. . Also, there are situations where the law requires that a contract is only enforceable if it is evidenced in writing. · Examples: . Section 4 Statute of Frauds 1677- a guarantee for the debt/liability of another person, must be evidenced in writing. . Section 2 Law of Property (Miscellaneous Provisions) Act 1989- a contract for the sale or other disposition of an interest in land can only be made in writing ... . Freedom to contract with whoever, for whatever. · Courts acting as referees, umpires. · Post WWII - influence of welfare state/ emerging global socialism. · UK context - NHS, welfare state. · Central assumption of equality of bargaining power is now questioned. . Acceptance of the need for the State to intervene. · Courts now acting as protectors. · All societies need a mechanism through which 'planned exchanges' can be made. . Ability to plan ahead promotes certainty, stability, and order in the society. . The idea of planned exchanges includes both one-off contracts and relational contracts. . This indicates what role contract law should play in the society.
· Contract law reflects the political/ economic/ social philosophy that prevails in any one society (jurisdiction) and at any point in time. · So, contract law reflects a complex combination of competing/complementary values and philosophies applied over time. · Cases are decided using rules/precedent. . But they are informed by prevailing values/priorities of the society. · Contract law is a dynamic, evolving, 'live' entity which expresses multiple (sometimes conflicting) social/political/economic priorities. · To study contract law with an appreciation of this contextual basis is an advantage.