Kim Krawiec

Does Contract Law Need Morality?

Co-author(s)
Liu, Wenhao
PUBLISHER
William & Mary Business Law Review
DATE
2018
 

Abstract

In "The Dignity of Commerce", Nathan Oman sets out an ambitious market theory of contract, which he argues is a superior normative foundation for contract law than either the moralist or economic justifications that currently dominate contract theory. In doing so, he sets out a robust defense of commerce and the marketplace as contributing to human flourishing that is a refreshing and welcome contribution in an era of market alarmism. But the market theory ultimately falls short as either a normative or prescriptive theory of contract. The extent to which law, public policy, and theory should account for values other than economic efficiency is a longstanding debate. Whatever the merits of that debate, we conclude that contract law does not need morality as envisioned by Oman — a fluid, subjective, and seemingly instinctual approach to the morality of markets. 

 

 

 

Citation

Kimberly D. Krawiec & Wenhao Liu, Does Contract Law Need Morality?, 9 William & Mary Business Law Review 435-448 (2018).
 

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