Abstract
T HE social function of contract in the formative era of modern industrial and capitalist society falls into four elements: freedom of movement; insurance against calculated economic risks; freedom of will; and equality between parties. These four elements are closely linked and, to some extent, overlap, but each has a distinct meaning. The problems of legal adjustment and interpretation, however, which they have posed in a rapidly changing society, are not of the same order. The first two of our four elements are essentially formal in character, while the latter two express political and social ideologies as well. The difficulty of bridging the gap between the formal and substantial aspects of both freedom and equality is evident in the pathetic contrast between the law of contract as it is taught in text-books and modern contract as it functions in society.
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