Should legal scholars help public decision makers to ensure that Essay

Should legal scholars help public decision makers to ensure that contract law takes proper account of commercial reality - Essay Example This paper discusses whether the legal scholars should help the public decision makers in ensuring that the contract law takes commercial reality into consideration. For the purpose of this study various other aspects of contract law in conjunction with commercial situations has been analyzed and discussed in the ensuing paragraphs. Section one discusses the whether the commercial law can be changed to suit the market needs. Section two ponders over the issue of the appropriateness of courts as institutions for devising and framing market friendly laws. The subsequent sections discusses and analyzes the role of law in expanding and contracting market reach as well as the impact of instrumental desires and legalistic regimes on the markets. A detailed discussion on various schools of thoughts, impact of inclusion of academic (legal) theory and objectives etc have been included in the essay to lend credibility to the discussions and conclusions arrived there from. The Law is framed to serve the primary objective of establishing order and justice within a given society1. The Commercial Law proposes a legal framework which accelerates the process of trade by elevating effectiveness, faith and dependency and dissuading fraudulence and immorality by implementing effective laws such as contract law and trade practices legislation. It is imperative that the markets would either recede into disarray leading to commotion and anarchy or into self regulation in the absence of an efficient and impartial legal system. Although what outcomes the markets might be subjected to is a disputable issue, the advocates of the formalist perspective – an ideal which propagates the existence of a formal universal legal system suggest that such a legal system would offer ultimate benefit to the market. However, Posner2 (1996) contends that the law would hold relatively more significance â€Å"under a variety of plausible