What is meant by the phrase classical contract law To what extent are Essay

What is meant by the phrase classical contract law To what extent are such ideas still relevant in contemporary contractual relations - Essay Example This ranges from the independence of contracts to the bargaining powers through to the formal elements of contracts. We do this examination by looking at various debates and dominant ideas and conceptions as they play out in academia and in practice. The inherent advantage of using the classical model to analyse contracts is one that cannot be overlooked. This is because it makes it easier and more convenient to define the parties of contracts and their expectations. This promotes justice. However, the whole idea has been challenged through the dynamism of the post-world war society. This has led to some important modifications and this is what the paper seeks to examine in-depth through the proposed objectives. The balance between the traditionalist and modern positions on the subject are brought to bear in this paper. Holmes states that law uses deductive systems through which logic can be induced and applied to examine things in a fair manner1. In other words the science of law in itself requires the establishment of frameworks and parameters within which issues and matters can be evaluated justly and deductions made. This is the essence of law. This idea is described as the axiomatic of law by Eisenberg. The classical school of thought used the principle logic and deduction to draw frameworks for different branches of law2. This way, they played a crucial role in setting up a system of justice which ensured that cases were separated into the most appropriate classes and dealt with according to the right principles and the application of correct jurisprudence. Classical contract law developed between the mid-19th Century through to the first part of the 20th Century3. It laid down a framework which defined an airtight genre known as contract law which was strictly adhered to in that era during cases involving contract. Classical Contract Law contained three main elements: