Across a wide variety of contexts, breaching promisors
are in fact required to give up the profits they earn from breach.
Raz seems to argue that what the promisee receives from the promisor--that constitutes the content of the normative assurance that promisors
provide to their promisees even when they do not benefit from the promised act--is an opportunity to develop interests in the performance.
(27) Contract doctrine's remedies are thus designed to put the promisee in a position comparable (though not identical) to the one he would have been in had the breaching promisor
performed the contractual promise by awarding only the monetary equivalent of performance.
Whereas contract law supports promising by giving promisors
legal reasons to perform, smart contracts do away with the need for reasons altogether, and fail to support the moral agency involved in promising.
The arguments catalogued thus far in favor of the second view draw attention to particular ways that the norms of contract law require different things of a promisor
than the norms of morality.
does not expect to receive anything in return-and consideration
There is, however, one substantive issue about which most, if not all, proponents have taken LCT to have something important to say: the consequences that should follow in the event the promisor
fails to perform on the main subject of the promise.
In such a case, one may not coerce a promisor
to keep her word except to the extent that we count making a rebuke as a type of coercion.
other things, shields promisors
that conduct multistate business from
at 178-79 ("In urging that the moral consideration here present makes a binding contract, plaintiff places reliance on what is termed the 'material benefit rule' as reflecting the trend of modern authority* The substance of that rule is that where the promisors
The intent-to-benefit test derived from Section 302(1)(b) of the Second Restatement suggests that a third party should be entitled to enforce a contract if the parties intended to benefit such party and the circumstances (including extra-textual materials) indicate that the promisor
intended to give the benefit of the promised performance to the third party.
Each note had to he signed by at least one endorser as well as by the promisor
. Since either the promisor
or the endorser(s) could be the actual borrower(s), we included both kinds of signatories in our totals, taking care to eliminate all double counting.