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The Economics of Civil and Common Law by Zagros Madjd-Sadjadi

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CHAPTER 3

Contracts

A contract is an enforceable promise to do something for someone else whether that promise is made implicitly or explicitly and whether it is oral, written, or merely understood. If I lend a friend $20 with the understanding that she will pay me back by next Tuesday, it is a valid contract. When I present a syllabus to a class, I am creating a contract with my students. When you go to a butcher and ask for a kosher cut of meat, you are entering into a contract. Each of these contracts takes a different form but each is, nonetheless, a contract. Even though the lending of money was done verbally, my friend must still pay me back (though it may be difficult to prove that I lent the money rather than gifting it without having ...

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