Contract law is an abomination. (prototype)

This is a prototype article and I am collecting feedback to improve it and address counter arguments.

Everyone knows that contract laws are litigious and that's why people have to train for so long to be lawyers, but what is the benefit of contract law being handled by the centralised monopoly of the state, when having third parties compete to insure contracts would optimise the process by having lots of great minds working on producing better, simpler and more easier to use models. Likely the best amongst these highly trained lawyers and judges would find fantastic work providing the full service of their skills for those end.

If you and I were wanting to go into business we could seek the arbitration of a third party who could insure our contracts. The more we did business well, the cheaper this would be as we were "trust worthy" and our premiums would go down and down, much like a no-claims bonus for not causing a road accident. If one of us reneged upon our contract, our third party would have to compensate the party that lost out on the deal and would likely never insure the person who broke the deal again until they had compensated them. They could also contact all the other companies that were providing the service and warn of the unworthiness of this client so their premiums for doing business in future would go through the roof.

What though, is someone was willing to renege on a "one time deal" for say $2.5 million and then they could just live happily upon their ill-gotten gains for the rest of their lives? Well, who would insure a contract for $2.5m without the appropriate assurances that their client would pay? Jail time for reneging could easily be written into the contract and voluntarily agreed upon by the parties engaging in the process. But that is just one option. Given the number of people who would be working in the field, surely their combined ingenuity would come up with better solutions than any either of us could come up with as mere individuals playing the game of philosophy.

The idea that the state is required to enforce contracts is not only misgiven, it's a complete waste of tax money for private individuals to subsidise agreements between corporations and other people they have no associations with to pay the inflated salaries of lawyers and judges who could have more important things to do within the criminal justice system such as handle violent criminals. In the meantime lawyers can charge upwards of £100 for writing a letter, or for the privelege of an hour of their time, because the service they provide has become incomprehensibe to the clients they are providing it to and impenetrable to anyone who has not jumped through the government hoops. Surely if alternatives were available society would soon do better.