9. Statutory Regulation of Contracts

Business Law ◽  
2018 ◽  
Author(s):  
James Marson ◽  
Katy Ferris
Keyword(s):  
Public Policy ◽  
Consumer Rights ◽  
Laissez Faire ◽  
Statutory Regulation ◽  
Bargaining Positions ◽  
Legislative Measures

This chapter studies the features of legally binding contracts by examining the manner in which the terms of a contract are regulated through statutory intervention. Such legislative measures have come about as a response to the unequal bargaining positions of consumers as contracting parties in business contracts, and the idea that laissez-faire can be contrary to public policy and fairness, e.g. with certain exclusion clauses. Some examples include statutes, such as the Consumer Rights Act 2015 and the Sale of Goods Act 1979, which imply terms into contracts, and the Unfair Contract Terms Act 1977, which regulate the parties’ use of exclusion clauses. This protects the weaker party to a contract from exploitation and provides minimum rights that may not be waived.

9. Statutory regulation of contracts

Business Law ◽  
2020 ◽  
pp. 201-236
Author(s):  
James Marson ◽  
Katy Ferris
Keyword(s):  
Public Policy ◽  
Consumer Rights ◽  
Laissez Faire ◽  
Statutory Regulation ◽  
Bargaining Positions ◽  
Legislative Measures

This chapter studies the features of legally binding contracts by examining the manner in which the terms of a contract are regulated through statutory intervention. Such legislative measures have come about as a response to the unequal bargaining positions of consumers as contracting parties in business contracts, and the idea that laissez-faire can be contrary to public policy and fairness, for example with certain exclusion clauses. Some examples include statutes such as the Consumer Rights Act 2015 and the Sale of Goods Act 1979 that imply terms into contracts, and the Unfair Contract Terms Act 1977 that regulates the parties’ use of exclusion clauses. This protects the weaker party to a contract from exploitation and provides minimum rights that may not be waived.

Law and the Economy: 1776–1850

2019 ◽  
pp. 147-172
Author(s):  
Lawrence M. Friedman
Keyword(s):  
Nineteenth Century ◽  
Public Policy ◽  
Federal Government ◽  
Government Regulation ◽  
Government Intervention ◽  
Early Nineteenth Century ◽  
Laissez Faire ◽  
High Noon

This chapter focuses on regulation in the early nineteenth century. The nineteenth century is considered the high noon of laissez-faire. Government, by habit and design, kept its hands off the economy and let the market do its magic. The first half of the century, in particular, was strongly pro-enterprise, pro-growth. The aim of public policy was the release of creative energy and that meant economic energy, enterprise energy. Government reflected what its constituents wanted. It did what it could to boost the economy, which could mean subsidy or outright intervention. Government intervention, or government regulation, primarily meant the states, not the federal government.

The Development of American Laissez Faire

1943 ◽  
Vol 3 (S1) ◽  
pp. 51-54 ◽  
Author(s):  
Frederick K. Henrich
Keyword(s):  
Public Policy ◽  
Economic Life ◽  
Important Influence ◽  
Early National Period ◽  
The Public ◽  
Legislative Action ◽  
Political Group ◽  
Early National ◽  
Laissez Faire ◽  
National Period

The pamphlet literature and the public documents of our early national period show that in spite of repeated instances of governmental interference in economic life, a great deal of thinking was being done along laissez-faire lines. This thought was unsystematic. It was pragmatic rather than philosophical, never doctrinaire, concerned primarily with defending and attacking specific measures of public policy. Nevertheless, it was serious thought, and in many instances had an important influence on legislative action. It was not restricted to any political group, but pervaded to a greater or less degree the thinking of all leaders of the community. Owing little to the teachings of contemporary European economists, American libertarianism deserves analysis as an indigenous body of theory, growing out of, and adjusted to American conditions.

AFTER SOCIALISM: MUTUALISM AND A PROGRESSIVE MARKET STRATEGY

2002 ◽  
Vol 20 (1) ◽  
pp. 204-222 ◽  
Author(s):  
William A. Galston
Keyword(s):  
Public Policy ◽  
Liberal Democracy ◽  
Building Blocks ◽  
Recent History ◽  
Policy And Practice ◽  
Market Strategy ◽  
Laissez Faire

I undertake three tasks in this exploratory essay. First, I examine some of the lessons of recent history concerning the relation between socialism, markets, and liberal democracy. Second, I lay out the basic theoretical building-blocks of an alternative to both socialism and laissez-faire that I call “mutualism.” Finally, I draw some conclusions for public policy and practice, in the form of what I call a “progressive market strategy.” A brief conclusion ponders the question, What's left of socialism?

scholarly journals RELATIVE BARGAINING STRENGTH AND ILLEGALITY Uniting Reformed Church, De Doorns v President of the Republic of South Africa 2013 (5) SA 205 (WCC)

Obiter ◽  
2014 ◽  
Vol 35 (1) ◽  
Author(s):  
Robert Sharrock
Keyword(s):  
South Africa ◽  
Public Policy ◽  
South African ◽  
Bargaining Power ◽  
Relevant Factor ◽  
The South ◽  
Reformed Church ◽  
The Republic ◽  
Bargaining Positions

The South African courts have recognized that the relative situation of contracting parties when concluding the contract – the strength of their bargaining positions relative to each other – is a relevant factor when determining whether a particular provision in the contract (or the contract as a whole) is contrary to public policy. However, there are relatively few cases in which the court has actually relied upon inequality of bargaining power as a ground for holding that a contractual provision is illegal. In Uniting Reformed Church, De Doorns v President of the Republic of South Africa (2013 (5) SA 205 (WCC) (the “URC case”)), Zondi J held that one of the reasons why a clause common to certain notarial leases was contrary to public policy was because the contractants had not occupied equal bargaining positions when entering into the leases. Whether or not one fully agrees with the judge’s reasoning, the decision underscores the importance of understanding what is meant by relative bargaining strength and how and when it affects the lawfulness of a contract.

scholarly journals SHOPPING IN THE REPUBLIC OF KOREA

MEST Journal ◽  
2022 ◽  
Vol 10 (1) ◽  
pp. 82-88
Author(s):  
Chanmi Yu ◽  
Walter Block
Keyword(s):  
Public Policy ◽  
Republic Of Korea ◽  
Grocery Stores ◽  
Shopping Malls ◽  
The People ◽  
Generic Term ◽  
Small Story ◽  
Laissez Faire ◽  
Horseless Carriage ◽  
The Republic

Large modern shopping malls are replacing smaller, traditional groceries in the Republic of Korea. The present paper analyzes this phenomenon and recommends a laissez-faire public policy response. Alterations in selling format to consumers are only the tip of the iceberg in terms of changes in the economy. They are always occurring, at least in healthy economies, and, always, roadblocks are placed in their way. For example, Wal-Mart is prohibited from opening stores in a few communities. Uber and Lyft have been met with great hostility from established taxicab services. Economists even offer a generic term for this phenomenon: restrictions on entry. The present paper is a case study of this occurrence. It focuses on the Republic of Korea, and mainly considers grocery stores. But this small story is emblematic of what takes place in numerous countries all around the world, and many industries. We recommend a laissez-faire public policy approach to this phenomenon. If the new ways of doing things do not violate anyone’s rights, now laws should be passed interfering with the new ways of engaging in commerce. But is this not unfair to the people engaged in the old industries that are withering away? Not a bit of it. The horse and buggy industry, for example, was populated by entrepreneurs who earned a good living before the advent of the horseless carriage. Why should they be guaranteed profits when their offerings are no longer accepted by the public? And the same applies to automobile manufacturers, should their products ever be supplanted by even better means of transportation.

Marshall: Just how Interested in Doing Good was he?

2004 ◽  
Vol 26 (4) ◽  
pp. 493-518 ◽  
Author(s):  
Rhead S. Bowman
Keyword(s):  
Public Policy ◽  
Economic Theory ◽  
Welfare Effects ◽  
Economic Thought ◽  
Economic Evolution ◽  
Government Interference ◽  
Laissez Faire ◽  
Policy Proposals ◽  
The Way

This paper critiques the way Alfred Marshall is presented in many histories of economic thought, in particular, the typical neglect of the relation of his economic theory and method to his public policy proposals and views on economic evolution. A good example is the textbook of Stanley L. Brue, The Evolution of Economic Thought, which is specifically policy oriented. He notes in his remarks on Marshall's life and method: “Marshall's thinking left room for cautious reform, that is, modest departures from laissez-faire” (2000, p. 295). But the only illustration of this is Marshall's discussion of the welfare effects of industry taxes and subsidies. However, even here Brue concludes (2000, p. 316) with a quote from Marshall: “These conclusions, it will be observed, do not by themselves afford a valid ground for government interference.”

Sign in / Sign up

Export Citation Format

Share Document