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Whatever the law I would like to be would depends on whether I'm Toyota or I'm the customer.

Which do you think is more fair and better for society as a whole?

as a whole ? I believe there can't be such thing. Fair for one may not be fair for other. 'Better' for one may not be better for other.

It would be better for both to enforce contract law all around. Don’t let either lie or steal and you’ll have a better outcome for all.