The Spot market and chaotic contract formation – a few reflections on a challenge to modern legal systems
The Spot market and chaotic contract formation – a few reflections on a challenge to modern legal systems
Is classic contract theory compatible with modern methods of contract making? In many markets for commodities, shipping and - perhaps ironically - insurance, contract formation takes place at a great distance, between parties who have not previously met or done business and who are in a hurry to fix the deal, while happy to dispense with lawyers and detailed consideration of agreements. Contract making also takes place by an extended process of offers, counter-offers, exchanges of standard terms and more or less vaguely worded acceptances. Notoriously, the common law does not include subsequent conduct among the facts indicating whether a contract was in fact concluded – it is only indicative of whether that party thought a contract had been concluded. How can one party therefore be sure that a contract has been put in place and how is it to dare act in reliance thereupon, perhaps incurring expenses and liabilities in so doing?
Hjalmarsson, Johanna
73a98539-9a14-4e63-bb53-5a7c365ad6e4
28 April 2014
Hjalmarsson, Johanna
73a98539-9a14-4e63-bb53-5a7c365ad6e4
Hjalmarsson, Johanna
(2014)
The Spot market and chaotic contract formation – a few reflections on a challenge to modern legal systems.
Chinese and English Maritime Law Conference, , Greenwich, United Kingdom.
28 - 30 Apr 2014.
Record type:
Conference or Workshop Item
(Paper)
Abstract
Is classic contract theory compatible with modern methods of contract making? In many markets for commodities, shipping and - perhaps ironically - insurance, contract formation takes place at a great distance, between parties who have not previously met or done business and who are in a hurry to fix the deal, while happy to dispense with lawyers and detailed consideration of agreements. Contract making also takes place by an extended process of offers, counter-offers, exchanges of standard terms and more or less vaguely worded acceptances. Notoriously, the common law does not include subsequent conduct among the facts indicating whether a contract was in fact concluded – it is only indicative of whether that party thought a contract had been concluded. How can one party therefore be sure that a contract has been put in place and how is it to dare act in reliance thereupon, perhaps incurring expenses and liabilities in so doing?
Text
The Spot market and chaotic contract formation_delivered.docx
- Author's Original
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Published date: 28 April 2014
Venue - Dates:
Chinese and English Maritime Law Conference, , Greenwich, United Kingdom, 2014-04-28 - 2014-04-30
Organisations:
Southampton Law School
Identifiers
Local EPrints ID: 364492
URI: http://eprints.soton.ac.uk/id/eprint/364492
PURE UUID: 92fdb492-f458-4fc8-9256-05b59ff5b091
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Date deposited: 02 May 2014 08:59
Last modified: 15 Mar 2024 03:21
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