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Damages

Contract

Contract historically has been one of the central concepts, if not the central concept, defining the legal structure of liberal Western society. A variety of developments, however, have led to uncertainty about the meaning, nature, and scope of contractual relationships. The classical definition of contract, stated in perhaps its clearest form by Oliver Wendell Holmes, Jr., in the late nineteenth century, has a considerable continuing influence on the general orientation of the legal system, even as it corresponds less and less with the way agreements are actually made and enforced.
A critique of the law of liquidated damages is important both for reasons of praxis and theory. From a practical perspective, such liquidated damages clauses are commonly found in many types of contracts, from employment to construction contracts. A number of reasons exist for the popularity of these clauses. First, because of the fears and costs associated with litigation, parties who......


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Approximate Word Count: 2130
Approximate Pages: 9 (250 words per double-spaced page)

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