One of the challenges of contracts is the balance between what two parties agree to and what society allows.  Or, to put this into economic terms, how does a contract handle externalities?  To put into ethical terms, what is the social contract within which negotiated contracts become permissible?  How much outside monitoring do you think would apply to the agreements made between individual parties?  As long as the two parties agree, should the law, society, and others leave the agreement alone or not?  At what level should we consider social norms that govern contracts:  locally, nationally, or globally?

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