SOSC 2340 Lecture Notes - Lecture 7: Free Market, Price Gouging

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Libertarians support all contractual transactions to which the parties consent, and which do not transgress the rights of anybody. Persons a and b make a contract. The contract is unconscionable if a court will not uphold the terms of the contract; the court allows a or b to break the terms of contract. Reasons for deeming contracts unconscionable: differential bargaining power, desperate exchanges (e. g. price gouging, lack of info on the part of one party. Answer: legitimacy of government lies in the consent of those who are to be governed. Answer: the parties to the contract would have to be equal and impartial. Rawls imagines an original position in which parties to a contract have no knowledge of particulars, that is, no knowledge of how they will be affected by the contract. This will compel parties to the contract to be impartial. The contract concerns principles by which our society is governed by.

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