PHIL 316 Lecture Notes - Lecture 19: Expectation Damages, Deontological Ethics, Vending Machine

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What is the value of a transaction to an individual. How do we combine values to individuals to a total value. However much people are willing to pay for it / however much a person is willing to sell it for. Contracts must be better off for each person who"s making the trade because if not then they would not have entered the contract in the first place. Somebody buys lays chips for 45 cents but puts it in a vending machine and sells it for . 25. I was expecting 5. 5 oz of chips but did not get that amount. A contract that is not efficient is a contract that is produced by fraud. You"re not getting your money"s worth in cases where you are forced to purchase something in a case of duress, etc. An agreement is made at a certain point in time. Each party thought they would be better off.

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