A contract is a voluntary arrangement between two or more
parties that is enforceable by law as a binding legal
agreement.
- Contract law is necessary in a society where a person's status
is not predetermined by birth because: contract law is cental to
the essence of our political, economic and social life.
- the concept that the contract law embodies is our notion of
freedom to pursue our own lives together with others. contract is
central because it is the means by which a free society orders what
would otherwie be a jostling, frentic anarchy.
- contract law provides the freedom to enter into agreement with
others, it defines the rights and liabilities of the parties to the
contract.
all these are necessary in a society where a person's status is
not predetermined by birth.