Contract today increasingly links entrepreneurial innovations to the efforts and finance necessary to transform ideas … into value. In this Chapter, we describe the match between a form of contract that "braids" formal and informal contractual … contract have emerged first in markets, and that the common law, and the theory of contract, then play catch-up. Between the …

Contract law and the formal models of contract economics assume that agreements are fully customized. On the other hand …, recent legal research highlights the role standardized terms play in contract design. Those lines of research overlook an … rather than modular design. The picture of contract design that emerges is of agreements built upon a flexible architecture …