Open AccessThe obligation to contract in British law
Author(s) -
Verena Klappstein
Publication year - 2014
Publication title -
journal of governance and regulation
Language(s) - English
Resource type - Journals
eISSN - 2306-6784
pISSN - 2220-9352
DOI - 10.22495/jgr_v3_i2_c1_p5
Subject(s) - obligation , freedom of contract , statutory law , relevance (law) , law , competition (biology) , severability , business , irrational number , exclusion clause , law and economics , institution , economics , contract management , privity of contract , political science , ecology , geometry , mathematics , marketing , biology
Nowadays the obligation to contract is rarely looked upon. Without reason though, because it is neither outdated nor inoperable. Based on three common law doctrines the obligation to contract goes back to the Middle Ages. It has not lost its relevance, as it can still be found in modern statutory law, such as in the electricity and mail sector. What is more, it is a fundamental institution with a great impact. The analysis showed that the five chosen forms of obligations to contract bear analogical requirements but very similar rationales and economic consequences. It sets impaired market power right and it overstrikes irrational behaviour of market participants. As overall achievement it aligns the range of property, freedom of contract and freedom of competition.