While issues of justice are at the center of the international scholarly debate on contracts, both black letter law and legal scholarship tend to disregard the doctrine of the just price as nothing more than a relic of the Middle Ages. In accordance with the approach adopted by the EU Directive on Unfair Terms in Consumer Contracts, the most recent model rules of European private law explicitly exclude price adequacy from the unfairness test provided by the provisions dealing with unfair contract terms. Similarly, in the United States, sec 79 of the Restatement (Second) of Contracts specifies that “if the requirement of consideration is met, there is no additional requirement of equivalence in the value exchanged”. Legal scholars substantiate this approach with various arguments … (more)
Andrea Perrone, ‘The Just Price Doctrine and Contemporary Contract Law: Some Introductory Remarks’. Orizzonti del Diritto Commerciale, numero 3 / 2013.