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Published on: April 11, 2019
Summary
This study redefines contract law's "election" as a choice between mutually exclusive powers. It introduces a "two power model" to explain why affirming a contract is binding.
Area of Science:
- Contract Law
- Legal Theory
Background:
- The concept of "election" in contract law traditionally involves binding choices made outside of court.
- Examples include decisions to rescind or affirm, and to terminate or affirm a contract.
Purpose of the Study:
- To propose a novel analysis of "election" in contract law.
- To introduce a "two power model" for understanding these choices.
- To explain the binding nature of affirmation within contract law.
Main Methods:
- Conceptual analysis of legal powers in contract law.
- Development of a theoretical "two power model".
Main Results:
- "Election" is analyzed as a choice between mutually exclusive powers that negate each other.
- One power (e.g., rescission) alters legal relations by destroying primary rights and the other power.
- The alternative power (e.g., affirmation) extinguishes the first power without impacting existing primary rights.
Conclusions:
- The "two power model" provides a new framework for understanding contract law elections.
- This model elucidates why the act of affirmation is legally binding.
- The concept of "election" gains enhanced explanatory value through this analysis.
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