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Contract theorie

...... On the other hand, though, Collins (1999) points out that in spite of the standard legal definition, contracts are viewed differently by different professionals depending on their respective roles in the contractual administration:
1. A practicing lawyer identifies the key function of contracts as the planning of an economic relation;
2. The legal scholar views the rules of contract law as a particular source of private law obligations;
3. The socio-legal scholar perhaps considers contract law as a tool for the regulation of economic and social transactions; and,
4. A judge may treat contracts as creating binding rules of law between the parties, breach of which provides a justification for the imposition of state sanctions (Collins, 1999, p. 13)
The foregoing interpretations suggest that the multiplicity of contexts and meanings clearly indicates that the concept of contract is used not only to describe a key economic institution in a market economy, but to express more generally a central form of human association in modern society today (Collins, 1999). At its core, contract law therefore governs transactions that involving one or more promises. According to Mather (1999), A promise is a commitment or assurance that something will (or will not)