Other similar provisions allowing for cancellation of concluded, executory contracts can be found in ss 5 and 6 of the Timeshare Act 1992 and the Consumer Protection (Cancellation of Contracts Concluded Away From Business Premises) Regulations 1987. In the commercial sector, there are probably stronger reasons for enforcing mutual promises, especially since there is generally an expectation that a person who makes a promise expects to have to keep it and he can assume that the same goes for any other business contracting party. The idea that promises give rise to expectations is an integral part of the bargain theory which is considered in more detail below, but there is also a school of thought which emphasises the moral nature of the practice of promise keeping rather than the economic nature of promises as part of the process of bargaining. This alternative approach can be described as the ‘will theory’ which turns on the internalisation of the enforcement of promises – the reason for enforcement is moral compulsion of having promised something in the first place.

DOI link for Other similar provisions allowing for cancellation of concluded, executory contracts can be found in ss 5 and 6 of the Timeshare Act 1992 and the Consumer Protection (Cancellation of Contracts Concluded Away From Business Premises) Regulations 1987. In the commercial sector, there are probably stronger reasons for enforcing mutual promises, especially since there is generally an expectation that a person who makes a promise expects to have to keep it and he can assume that the same goes for any other business contracting party. The idea that promises give rise to expectations is an integral part of the bargain theory which is considered in more detail below, but there is also a school of thought which emphasises the moral nature of the practice of promise keeping rather than the economic nature of promises as part of the process of bargaining. This alternative approach can be described as the ‘will theory’ which turns on the internalisation of the enforcement of promises – the reason for enforcement is moral compulsion of having promised something in the first place.

Other similar provisions allowing for cancellation of concluded, executory contracts can be found in ss 5 and 6 of the Timeshare Act 1992 and the Consumer Protection (Cancellation of Contracts Concluded Away From Business Premises) Regulations 1987. In the commercial sector, there are probably stronger reasons for enforcing mutual promises, especially since there is generally an expectation that a person who makes a promise expects to have to keep it and he can assume that the same goes for any other business contracting party. The idea that promises give rise to expectations is an integral part of the bargain theory which is considered in more detail below, but there is also a school of thought which emphasises the moral nature of the practice of promise keeping rather than the economic nature of promises as part of the process of bargaining. This alternative approach can be described as the ‘will theory’ which turns on the internalisation of the enforcement of promises – the reason for enforcement is moral compulsion of having promised something in the first place.