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Учебный год 22-23 / The Emergence of Modern American Contract Doctrine

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Calculating Promises

Roy Kreitner

Stanford University Press

Calculating Promises

Calculating Promises

T H E E M E R G E N C E O F

M O D E R N A M E R I C A N

C O N T R A C T D O C T R I N E

Roy Kreitner

stanford university press

stanford, california

2007

Stanford University Press

Stanford, California

©2007 by the Board of Trustees of the Leland Stanford Junior University. All rights reserved.

No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying and recording, or in any information storage or retrieval system without the prior written permission of Stanford University Press.

Printed in the United States of America on acid-free, archival-quality paper

Library of Congress Cataloging-in-Publication Data Kreitner, Roy.

Calculating promises : the emergence of modern American contract doctrine / Roy ­Kreitner.

p. cm.

Includes bibliographical references and index. ISBN-13: 978-0-8047-5398-2 (cloth : alk. paper)

1. Contracts--United States--History. 2. Promise (Law)--United States--History. I. Title.

KF801.K74 2007 346.7302--dc22

2006025886

Typeset by Bruce Lundquist in 11/14 Adobe Garamond

For my parents

To ordain the future in advance . . . man must first have learned to distinguish necessary events from chance ones, to think causally, to see and anticipate distant eventualities as if they belonged to the present, to decide with certainty what is the goal and what the means to it, and in general be able to calculate and compute. Man himself must first of all have become calculable, regular, necessary, even in his own image of himself,

if he is to be able to stand security for his own future, which is what one who promises does!

This precisely is the long story of how responsibility originated. The task of breeding an animal with the right to make promises evidently embraces and presupposes as a preparatory task that one first makes men to a certain degree necessary, uniform, like among like, regular, and consequently calculable.

FRIEDRICH NIETZSCHE

Contents

Acknowledgments

xi

 

 

Introduction: The Imagined Individual

 

 

 

at the Borders of Contract

1

PART ONE

 

G I F T S A N D P R O M I S E S R E V I S I T E D

 

 

 

1.

 

The Revolution in Consideration Doctrine

15

2.

 

The Gift Beyond the Grave: Case Law

43

3.

 

Responding to Revolution: Moving Gifts and

 

 

 

Consideration Through the Twentieth Century

68

4.

 

Speculating on Gifts and Promises

83

PART TWO

 

S P E C U L A T I O N S O F C O N T R A C T

 

 

 

5.

 

Distinguished Gambles: The Struggle to Separate

 

 

 

Speculation and Insurance from Gambling

97

6.

 

“Contracts” for “Futures”: Commercial Speculation

 

 

 

and the Gambling Stigma

105

7.

 

Wagering in Lives: The Life Insurance Speculators

126

8.

 

Acquisitive Individuality Versus Communal Efficiency:

 

 

 

Conflicting Policies and the Love-Hate Relationship

 

 

 

with Risk

147

PART THREE

 

T H E N A R R A T I V E S O F I N C O M P L E T E C O N T R A C T S

 

9.

 

Framing Incomplete Contracts

163

10.The Use and Abuse of Historical Narrative:

 

Debates over Incomplete Contracts

188

11.

Evaluating the Frame of Incompleteness Discourse

217

 

Conclusion: Undermining the Metaphysics of Contract

227

Index

239