IMPORTANCE OF CONTRACTS IN SOCIETY. The subject of Contracts is pre-eminent ly- the most important and far-reaching branch of the municipal or positive law. "Indeed," says Professor Parsons, "it may be looked upon as the basis of hu man society." In a state of wild or savage nature, each man was at war with all other men; presumably by a gradual evolution men came to make voluntary or involuntary compacts and agreements with each other, by which each recognized the existence and rights of others in consideration that his own existence and rights be in turn recognized by all the rest. In some such manner were social relations established. By the same process—agreement—have arisen the multitude of relations which exist between individuals; so that in almost every phase of human life, in the state, the community and the family, in business and pleasure, contracts, and the law of contracts, are of the utmost importance.