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    Rights statement: This article has been accepted for publication by Edinburgh University Press in Edinburgh Law Review, http://www.euppublishing.com/doi/abs/10.3366/elr.2017.0435 Copyright © 2017. Edinburgh University Press.

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Adam Smith and the Social Foundation of Agreement: Walford v Miles as a Relational Contract

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Adam Smith and the Social Foundation of Agreement : Walford v Miles as a Relational Contract. / Campbell, Ian David.

In: Edinburgh Law Review, Vol. 21, No. 3, 01.09.2017, p. 376-404.

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@article{c0e5044413974e6fa7b6f551c33abaee,
title = "Adam Smith and the Social Foundation of Agreement: Walford v Miles as a Relational Contract",
abstract = "That the reception in subsequent case law of Leggatt J's outstanding discussion of good faith in Yam Seng Pte Ltd v International Trade Corporation Ltd has been disappointing demonstrates the continuing failure to appreciate the normative constitution of economic exchange and the law of contract.This paper re-examines the concept of economic exchange which may be derived from the work of Adam Smith in order to show that Smith did not conceive of exchange as a system of solipsistic self-interest but as self-interest which is formed on the basis of the mutual respect of the parties to the exchange. The significance of Smith’s views for the law of contract will be demonstrated by a re-examination of the rejection of good faith in Walford v Miles in light of those views. Whilst it is moot whether the law of contract should recognise a general doctrine of good faith, that law must become self-conscious of the mutual respect it requires of parties to a contract which is indicated in the concept of good faith.",
keywords = "contractual agreement, economic exchange, Adam Smith, good faith, self-interest, relational contract, agreement to agree",
author = "Campbell, {Ian David}",
note = "This article has been accepted for publication by Edinburgh University Press in Edinburgh Law Review, http://www.euppublishing.com/doi/abs/10.3366/elr.2017.0435 Copyright {\circledC} 2017. Edinburgh University Press.",
year = "2017",
month = "9",
day = "1",
doi = "10.3366/elr.2017.0435",
language = "English",
volume = "21",
pages = "376--404",
journal = "Edinburgh Law Review",
issn = "1364-9809",
publisher = "Edinburgh University Press",
number = "3",

}

RIS

TY - JOUR

T1 - Adam Smith and the Social Foundation of Agreement

T2 - Walford v Miles as a Relational Contract

AU - Campbell, Ian David

N1 - This article has been accepted for publication by Edinburgh University Press in Edinburgh Law Review, http://www.euppublishing.com/doi/abs/10.3366/elr.2017.0435 Copyright © 2017. Edinburgh University Press.

PY - 2017/9/1

Y1 - 2017/9/1

N2 - That the reception in subsequent case law of Leggatt J's outstanding discussion of good faith in Yam Seng Pte Ltd v International Trade Corporation Ltd has been disappointing demonstrates the continuing failure to appreciate the normative constitution of economic exchange and the law of contract.This paper re-examines the concept of economic exchange which may be derived from the work of Adam Smith in order to show that Smith did not conceive of exchange as a system of solipsistic self-interest but as self-interest which is formed on the basis of the mutual respect of the parties to the exchange. The significance of Smith’s views for the law of contract will be demonstrated by a re-examination of the rejection of good faith in Walford v Miles in light of those views. Whilst it is moot whether the law of contract should recognise a general doctrine of good faith, that law must become self-conscious of the mutual respect it requires of parties to a contract which is indicated in the concept of good faith.

AB - That the reception in subsequent case law of Leggatt J's outstanding discussion of good faith in Yam Seng Pte Ltd v International Trade Corporation Ltd has been disappointing demonstrates the continuing failure to appreciate the normative constitution of economic exchange and the law of contract.This paper re-examines the concept of economic exchange which may be derived from the work of Adam Smith in order to show that Smith did not conceive of exchange as a system of solipsistic self-interest but as self-interest which is formed on the basis of the mutual respect of the parties to the exchange. The significance of Smith’s views for the law of contract will be demonstrated by a re-examination of the rejection of good faith in Walford v Miles in light of those views. Whilst it is moot whether the law of contract should recognise a general doctrine of good faith, that law must become self-conscious of the mutual respect it requires of parties to a contract which is indicated in the concept of good faith.

KW - contractual agreement

KW - economic exchange

KW - Adam Smith

KW - good faith

KW - self-interest

KW - relational contract

KW - agreement to agree

U2 - 10.3366/elr.2017.0435

DO - 10.3366/elr.2017.0435

M3 - Journal article

VL - 21

SP - 376

EP - 404

JO - Edinburgh Law Review

JF - Edinburgh Law Review

SN - 1364-9809

IS - 3

ER -