Contract law--it's only as good as the people

There is a frequently spoken phrase in law known as "Res Ipsa Loquitur." This Latin phrase translates in English to mean, "The thing speaks for itself." It is hoped the title of this article speaks for itself. The simple truth is that a contract is only as good as the people and institutions it binds. This does not mean that contracts should not exist or that important details of a contractual relationship should not be in writing. In essence, contracts are society's best attempt to memorialize the details of a business relationship between people and entities.