Why is contract law like the glue that holds civilization together?
When we talk about economic life, it is important to have the consent of all the involved parties and individuals to implement the principle of contract. If the contracts are made by the free will of the individuals, it can act as a glue which holds a peaceful society together
As we know that a contract is legally enforceable does not make the contract to be fulfilled 100%, but it increases the probability of its execution. When there is a danger of legal actions against any of the parties in case of non-compliance of contract terms, there are greater chances that the party will try to fulfill all the obligations assigned to him. Apart from this, if the performance is not expected or can be executed, then an out-of-court settlement can be initiated under the purview of a possible legal action due to noncompliance with the contract’s terms.
The liabilities associated with the contacts are merely promissory liabilities. In the business set up where most of the transactions and actions are performed on the basis of promises, it becomes quite important to safeguard the sanctity of promises in order to protect the interest of the individual.