Patterson says that the
enforcement of bargained-for promises is essential to the modern free-market
economy.
Some may object that (1)
bargaining is basically a competition where the two sides try to cheat each
other and that (2) accepting the “bargained-for” test means interfering with
familial and friendship relations.
Patterson defends bargaining
as an “important pattern of conduct” in a market economy. He also says bargaining promotes individual
choice more than legal authority.
Finally, he claims that the process of reciprocal exchange is so
socially familiar that it makes consideration an easy concept for the general
public to understand.