was bound by the precedent of the Lords and could not deploy the "practical benefit" reasoning of Williams. 20 As Lord Mansfield held, "Mercantile law is not the law of a particular country but the law of all nations 21 and "the law of merchants and the law of the land is the same". Contract law works best when an agreement is performed, and recourse to the courts is never needed because each party knows their rights and duties. 26 The essential principles of English contract law, however, remained stable and familiar, as an offer for certain terms, mirrored by an acceptance, supported by consideration, and free from duress, undue influence or misrepresentation, would generally be enforceable. In California, the rule has been circumvented, see Pacific Gas Elec. In Interfoto Picture Library Ltd v Stiletto Ltd 159 Bingham LJ held that a notice inside a jiffy bag of photographic transparencies about a fee for late return of the transparencies (which would have totalled 3,783.50 for 47 transparencies after only a month) was too. A contract to commit murder in exchange for money will not be enforced by the courts. 94 A contract for guarantee must also, at some stage, be evidenced in writing.
Contract law is based on the Latin phrase pacta sunt servanda (pacts must be kept). Con-stan Industries of Australia Pty Ltd. 255 Sometimes potential profits will be too uncertain, or a general fall in market prices means that even claiming damages for the thing itself would leave one in a negative position, and so the courts allow a claimant to choose whether to sue, not for. Plaintiff sued Defendant that denies the debt failure to follow the Statue of Frauds and lack of consideration. 3, falcke v Scottish Imperial Insurance (1886) 34 Ch D 234 is taken to be authority for the general rule that no liability arises for an uncontracted-for benefit.