This article sets out a normative theory to guide decisionmakers in the regulation of contracts between firms. Commercial law for centuries has drawn a distinction between mercantile contracts and others, but modern scholars have not systematically pursued the normative implications of this...

Private law theory must confront the plurality of values that inform the problems that private law addresses in practice. We consider Hanoch Dagan's and Michael Heller's The Choice Theory of Contracts as a case-study in the promise and perils that embracing plural values poses for private law...

This Essay introduces general equilibrium theory (GET) and mechanism design theory (MD) in a general sense (rather than in piece meal applications) to the study of contract law. As a positive matter, this introduction reveals three understudied areas: (i) when the equilibrium contract is...

In a common commercial pattern, the seller of a standard product contracts with one buyer and then sells to another at the contract price after the initial buyer breaches. Sellers argue, and courts largely agree, that the seller could have served the contract buyer as well as the later buyer;...

Contract theorists approach value pluralism in three ways: (a) Capitulation: the theorist shows how a single value – e.g., efficiency or community – explains a rule or an area and implies normative recommendations; (b) Leveraging: the theorist shows how multiple values that theorists find...