Contract theorists have offered a number of different rationales to explain the central doctrines of contract law. Contract law does not, however, operate in isolation: it interacts with other areas of the law (both public and private) to underwrite modern market activity, and thereby shapes larger economic relations and patterns of economic growth and decay. Theorizing about contract thus inevitably invites deeper reflection on the place of public regulation in the private sphere.
This session will discuss different approaches to contract theory, with special attention to their capacity to explain not only the simplest cases of classical contracting (i.e., where two parties of relatively equal bargaining power explicitly discuss and reach agreement on the complete terms of a bargain) but also the way modern contracting has developed in practice (i.e., where phenomena like form contracts, contracts of adhesion and boilerplate often dominate). It will also discuss some of the outstanding problems for contract theory, including the declining role of voluntariness in modern contracting. What challenges do facts like these present for contract theory, and how might contract theory begin to address these challenges in a more holistic way? Some new theories and emerging ideas will be discussed.
Business Meeting at Program Conclusion.