Article by James Gordley
The recognition of the contract of sale is rightly said to be a key achievement of the Roman jurists. In Roman law, it had three characteristics. First, a sale is entered into informally. The parties are bound without the use of any special formality such as an oath, a document, a deed, or even a handshake. Second, sale is what the Romans called a contract of good faith (bonae fidei) as distinguished from a contract of strict law (stricti iuris). The parties are bound, not only to what they said, but to all the obligations that follow as a matter of good faith. Third, a sale is binding upon consent before delivery of the goods to be sold or payment of any of the purchase price. Virtually all modern legal systems recognize a contract of sale with these three features. The Romans were the first.
About the Author
James Gordley. W.R. Irby Chair in Law, Tulane University School of Law. B.A. 1967, University of Chicago; M.B.A. 1968, University of Chicago; J.D. 1970, Harvard Law School.
Citation
84 Tul. L. Rev. 1437 (2010)