1) To understand the law and how it is applied in any given case, often is a question of understanding the underlying competing policies/interests at work. Often it is a balancing test that is used by the Courts to determine the final outcome of a particular fact situation. Please discuss your understanding of this and provide examples of what is meant by this.

2) A capitalist market economy is based in part on the concept of freedom of contract. There are limitations developed by the common law and statutory laws on this. In the context of adhesion contracts, unconscionable contracts or employment law contracts (terminable at will), discuss the pros and cons of this issue and what implications this has for business law.