Addressing the Inadequacies of Private Law in the Regulation of Contracts – During and Post Contract Formation Periods

11 Pages Posted: 18 Jul 2011

See all articles by Marianne Ojo D Delaney PhD

Marianne Ojo D Delaney PhD

American Accounting Association; Centre for Innovation and Sustainable Development (CISD)

Date Written: July 17, 2011

Abstract

It has been argued that weaknesses inherent Private Law rules, which contribute to its inability to effectively regulate contracts, are in part, attributed to its generality as well as inflexibility in adapting to individual situations. Whilst self-regulation, a constituent of the standard setting system which private law supplements, offers advantages which include proximity (in that self regulatory organisations are considered closer to the industry being regulated), flexibility, and a high level of compliance with rules, it will be highlighted in this paper that some other models of regulation, are capable of conferring greater flexibility, compliance, enforcement and accountability.The setting of standards with an adequate degree of specificity in order to provide effective guidance, as well as the lack of expertise in choosing between standards are amongst some of the challenges which the Private Law of Contract is confronted with.This paper aims to highlight and demonstrate why an interaction with public regulation, as well as an incorporation of substantive equality principles, will be required to address these weaknesses of Private Law. Further, it illustrates how through the evolvement of self regulation, and the interaction of self regulation with public regulation, Private Law has also evolved in its interaction with public regulation.

Keywords: regulation, implied contracts, Equity, undue influence, economic duress, bargaining power, self regulation, accountability, legal certainty

Suggested Citation

Ojo D Delaney PhD, Marianne, Addressing the Inadequacies of Private Law in the Regulation of Contracts – During and Post Contract Formation Periods (July 17, 2011). Available at SSRN: https://ssrn.com/abstract=1887786 or http://dx.doi.org/10.2139/ssrn.1887786

Marianne Ojo D Delaney PhD (Contact Author)

American Accounting Association ( email )

5717 Bessie Drive
Sarasota, FL 34233-2399
United States

Centre for Innovation and Sustainable Development (CISD) ( email )

United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
33
Abstract Views
473
PlumX Metrics