Contracts contain private rights that, so long as they meet the elements of a legal contract, are enforceable through the judicial branch of the government.

Contracts contain private rights that, so long as they meet the elements of a legal contract, are enforceable through the judicial branch of the government. There are limits on what contracts will be enforceable but for the most part, the government will enforce commercial contracts even if they result in an unfair outcome. For example, pay day lenders charge high interest rates for loans knowing that people with low credit scores will have less opportunities for loan products. Also, cell phone companies can include one-sided terms in their contracts knowing each individual consumer has little opportunity to challenge the terms.

What are you thoughts on this? On the one hand, people who invest their money to create economic opportunity rely on the judicial system to protect their property, rights and profit. On the other hand, given that litigation is very expensive, sometimes only those with resources are able to fully access justice.

Please write a 3-paragraph essay in the following format. The first paragraph should discuss the elements to contract formation, to have a legally enforceable contract. The second paragraph should discuss at least 3 defenses to contract enforcement. The third paragraph should discuss your opinion on the role of contract law in business. For example, do you think it is fair to enforce contracts so long as people have the capacity to consent? Do you think contract law simply favors those with money and power? Please share your thoughts.

 

In: Economics

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