Eduqas A-Level Law A150QS
Parliamentary and European Law Making
Delegated Legislation
Statutory Interpretation
Judicial Precedent
The Civil Courts and Civil Process
The Criminal Process
Legal Personnel
Access to Justice and Funding
Contract: Rules and Theory of Contract LawContract
Contract: Essential Requirements and FormationContract
Contract: Express and Implied TermsContract
Contract: Misrepresentation and Economic DuressContract
Contract: Discharge of ContractContract
Contract: RemediesContract
Tort: Rules and Theory of Tort LawTort
Tort: NegligenceTort
Tort: Occupiers' LiabilityTort
Tort: Torts Connected to LandTort
Tort: Vicarious LiabilityTort
Tort: Defences and RemediesTort
Criminal Law: Rules and TheoryCriminal
Criminal Law: General Elements of LiabilityCriminal
Criminal Law: Offences Against the PersonCriminal
Criminal Law: Property OffencesCriminal
Criminal Law: Capacity DefencesCriminal
Criminal Law: Necessity Defences and Preliminary OffencesCriminal
Human Rights: Rules and TheoryHuman rights
Human Rights: Protection of Rights and Freedoms in the UKHuman rights
Human Rights: Convention ProvisionsHuman rights
Human Rights: Restrictions on Convention RightsHuman rights
Human Rights: EnforcementHuman rights
Human Rights: ReformHuman rights
Contract: Rules and Theory of Contract Law
Contract law and economic development
- 3 things to know
- Components 2 and 3
Overview
Importance of contract law to economic development, how the industrial revolution shaped the modern rules of contract and efficient breach.
What you need to know
Answer each one before you reveal it.
How does the enforceability of promises reduce the cost of doing business?
Why is contract law important to the development of credit?
Questions from this subtopic
Each one with the model answer underneath.
- 1
Explain the importance of contract law to economic development.
Model answer
Enforceable agreements let traders deal with strangers and at a distance. Investment and credit depend on knowing that a promise can be enforced.
- 2
How does the enforceability of promises reduce the cost of doing business?
Model answer
A party need not insist on payment and delivery at the same instant. Reliance on a legal remedy replaces expensive precautions against being cheated.
- 3
Why is contract law important to the development of credit?
Model answer
A lender advances money now against a promise of repayment later. Lenders would advance nothing if a promise carried no legal force.
- 4
How does the law of contract support international trade?
Model answer
Traders in different countries can choose the law and forum that will govern the deal. Standard shipping and sale terms then carry a known legal meaning.
- 5
Explain how the industrial revolution shaped the modern rules of contract.
Model answer
Nineteenth-century expansion in manufacture and rail transport produced far more commercial disputes. Judges of that period built the doctrines of offer, acceptance and remoteness that are still used.
- 6
Why does economic analysis treat contract remedies as an incentive?
Model answer
Economic analysis argues that damages make a party keep a promise only where performance is worth more than breach. Compensation rather than punishment is said to direct resources to their most valued use.
Other ways to work this
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