The evolution of Contracts
Discuss a number ways in which modern contracts have moved away from the laissez faire tradition of contract formation (i.e., what is sometimes called the ‘classical contract’). As part of your analysis discuss how this move away from the classical contract impacts the way we view and deal with contracts today. Contract formation has evolved immensely throughout history. If we trace contract law back to the 14th century, it was very simplistic in nature (Findlay, 2017). The focus was on criminality and the preservation of ones property (Findlay, 2017). For the longest time, this all that really needed to be governed by contract law. At the turn of the 16th century something changed (Findlay, 2017). Agriculture became big business and the definition of a contract switched. Because agriculture is an entrepreneurial exploit which many folks could participate in, written contract could not keep up (Findlay, 2017). The result was the rise of the laissez-faire contract. These informal, ...