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In conclusion, both Fried and Collins’ theories have contributed greatly to the knowledge of contract law. The “promise principle” examines the contract
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Fried and Collins have developed two distinct theories that explain contract law on either the 'promise principle' or on the principle of economic efficiency. In this essay, these two distinct theories will be examined respectively and illustration will be appearing in cases. Fried's explanation of contract law centers on the "promise principle", which he sees as the moral basis of contract law. He suggests that all contracts are promises, which are morally enforceable according to the moral conception - "a promise must be kept". Therefore it is appropriate for the law to enforce them. Fried argues that "by promising we transform a choice that was morally neutral into one that is morally compelled."1 It is quite obvious that promises, from Fried's point of view, largely rest upon morality as its fundamental ground, which binds the promisor to his individual obligation of keeping his promise. This is a cultural based assumption that...
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