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The Dignity of Commerce: Markets and the Moral Foundations of Contract Law

Nathan B. Oman




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“Both markets and contract law are central institutions of modern liberal societies through which citizens come to see themselves as free and equal persons and acquire the virtues that fit them for participation as such. Although we standardly assum

Why should the law care about enforcing contracts? We tend to think of a contract as the legal embodiment of a moral obligation to keep a promise. When two parties enter into a transaction, they are obligated as moral beings to play out the transaction in the way that both parties expect. But this overlooks a broader understanding of the moral possibilities of the market. Just as Shakespeare’s Shylock can stand on his contract with Antonio not because Antonio ...

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