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Written by:

Sue T


Date added:

April 17, 2014








No of pages / words:

2 / 449


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Trade depends on stability in current behaviour, and predictability as to future behaviour. So there must be a system that reduces uncertainty and allows traders to make promises that others can rely on. So, rules must be developed to give some degree of certainty and predictability as to the outcome of the new courts...
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The first rules or laws was laid down in court decisions which is common law at the time. Promises to do or give something in return for something else is now know as a contract between the parties. This may have been the ideal process in conducting transactions but somehow, freedom to doing anything in a contract has in some circumstances put certain parties at or in an unfair position...
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