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LAW204 Essay - Theories of Contract The realm of contract law abounds with theories which attempt to explain and analyse the various ways contractual relationships can be considered. By examining the coherence and justifiability of several theories a clear and more definitive view of contract can be reached. While no theory is without its flaws, the regulatory theory proposed by Collins is the most persuasive. Collins argues that contract is a mechanism by which market power is redistributed within the normative framework of the modern Welfare State. He convincingly identifies a "quiet revolution" within modern contract law which has seen the transformation of contract from voluntary obligation to more restrictive responsibilities formulated and imposed by the state. The revolution has stemmed out of necessity following a similar transformation of government ideology from laissez-faire to essentially interventionist. The regulatory approach adequately addresses the irrelevance of the classical theories. The principles of "justice of exchange"...

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