Chapter

Contract and Fair Exchange

P. S. Atiyah

in Essays on Contract

Published in print August 1990 | ISBN: 9780198254447
Published online March 2012 | e-ISBN: 9780191681493 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198254447.003.0011

Series: Clarendon Paperbacks

Contract and Fair Exchange

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In the traditional dogma of contract law, the adequacy of the consideration is immaterial to the validity of a contract. If the contract is concluded then it is assumed that each party is contented with his bargai; thus, there is no room for any inquiry into the fairness of the exchange. In this chapter, an in-depth analysis is presented regarding issues to do with the fairness of exchange in the law of contract. The chapter argues that, unlike the previous decade, the law of contract today is greatly concerned with the substantive fairness of exchange and illustrates some of the ways in which courts strive to secure such fairness in exchange. In addition, three preliminary comments are provided in this chapter.

Keywords: contract law; fairness; exchange; courts; traditional dogma; validity; contract

Chapter.  12106 words. 

Subjects: Civil Law

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