This book contains the papers prepared for a conference held at the Wisconsin Law School in 2011 to honour the work of Stewart Macaulay, one of the most famous contracts scholars of his generation. Macaulay has been writing about contracts and contract law for over 50 years; the 1960s were particularly productive years for him, when he introduced many novel ideas into the scholarly world. Macaulay's foundational work for what is now called relational contract theory was published during this period. Macaulay is also known for his use of empirical research and interdisciplinary theories to illuminate our knowledge of contracting practices. The papers in this volume reflect, in diverse ways, on the subsequent influence and the contemporary relevance of Macaulay's work. All the contributors are important contracts scholars in their own right: David Campbell and John Wightman from the UK, Brian Bix, Jay Feinman, Robert Gordon, Claire Hill, Charles Knapp, Ethan Leib, Deborah Post, Edward Rubin, Carol Sanger, Robert Scott, Gordon Smith, Josh Whitford (with Li-Wen Lin) and William Woodward from the USA. The volume also reproduces Macaulay's most cited paper, 'Non-Contractual Relations in Business', and excerpts from two other important papers of his, 'Private Legislation and the Duty to Read-Business Run by IBM Machine, the Law of Contracts and Credit Cards', and 'The Real and The Paper Deal: Empirical Pictures of Relationships, Complexity and the Urge for Transparent Simple Rules'.

This book contains the papers prepared for a conference held at the Wisconsin Law School in 2011 to honour the work of Stewart Macaulay, one of the most famous contracts scholars of his generation. Macaulay has been writing about contracts and contract law for over 50 years; the 1960s were particularly productive years for him, when he introduced many novel ideas into the scholarly world. Macaulay's foundational work for what is now called relational contract theory was published during this period. Macaulay is also known for his use of empirical research and interdisciplinary theories to illuminate our knowledge of contracting practices. The papers in this volume reflect, in diverse ways, on the subsequent influence and the contemporary relevance of Macaulay's work. All the contributors are important contracts scholars in their own right: David Campbell and John Wightman from the UK, Brian Bix, Jay Feinman, Robert Gordon, Claire Hill, Charles Knapp, Ethan Leib, Deborah Post, Edward Rubin, Carol Sanger, Robert Scott, Gordon Smith, Josh Whitford (with Li-Wen Lin) and William Woodward from the USA. The volume also reproduces Macaulay's most cited paper, 'Non-Contractual Relations in Business', and excerpts from two other important papers of his, 'Private Legislation and the Duty to Read-Business Run by IBM Machine, the Law of Contracts and Credit Cards', and 'The Real and The Paper Deal: Empirical Pictures of Relationships, Complexity and the Urge for Transparent Simple Rules'.

This book represents a unique resource about Stewart Macaulay one of the common law world’s leading scholars of the law of contract and of the law in action approach to the study of law. Since 1959, he has published over 50 articles in leading journals, a number of working papers, (with colleagues at the University of Wisconsin Law School) a pathbreaking casebook for the teaching of the law of contract, and (with other colleagues) equally pathbreaking collections of materials for the teaching of the law in action or law in context approach to the study of law. In this work Macaulay has established himself as one of the postwar world’s leading scholars of the law of contract and of the sociology of law. His work is an absolute reference point in both disciplines, and it has attracted great attention elsewhere, most notably in economic sociology, where his concept of non-contractual economic relationships is regarded as an important theoretical innovation. Macaulay’s work has become an object of commentary in its own right, and the proposed book is intended to assist further such commentary by making hitherto difficult to obtain works readily accessible. Most of Macaulay’s work is now, when the leading journals are generally available in electronic form, readily accessible to students and researchers in universities. There are, however, a number of interesting and in most cases important works published in less accessible journals or works which were not published in an electronic form, which are difficult to obtain. This book will make them readily available, and in so doing will make it possible in future for scholars to have Macaulay’s complete oeuvre readily to hand. Although Macaulay’s work has provoked very considerable discussion, there previously have been no overall accounts of that work as opposed to critical engagements with aspects of it. In this book, two additional essays by leading commentators give accounts of Macaulay’s work and provide an introduction to, exegesis of and general evaluation of Macaulay’s work as a whole which is not to be found in the existing literature.

The Choice Theory of Contracts is an engaging landmark that shows, for the first time, how freedom matters to contract.

An oft-repeated assertion within contract law scholarship and cases is that a good contract law (or a good commercial contract law) will meet the needs and expectations of commercial contractors. Despite the prevalence of this statement, relatively little attention has been paid to why this should be the aim of contract law, how these 'commercial expectations' are identified and given substance, and what precise legal techniques might be adopted by courts to support the practices and expectations of business people. This book explores these neglected issues within contract law. It examines the idea of commercial expectation, identifying what expectations commercial contractors may have about the law and their business relationships (using empirical studies of contracting behaviour), and assesses the extent to which current contract law reflects these expectations. It considers whether supporting commercial expectations is a justifiable aim of the law according to three well-established theoretical approaches to contractual obligations: rights-based explanations, efficiency-based (or economic) explanations and the relational contract critique of the classical law. It explores the specific challenges presented to contract law by modern commercial relationships and the ways in which the general rules of contract law could be designed and applied in order to meet these challenges. Ultimately the book seeks to move contract law beyond a simple dichotomy between contextualist and formalist legal reasoning, to a more nuanced and responsive legal approach to the regulation of commercial agreements.

Written by one of the leading contributors to the relational theory of contract, Contractual Relations authoritatively explains the form of the existing law of contract by relating it to its economic, legal, and sociological foundations. This volume demonstrates that economic exchange and legal contract rest on a moral relationship by which each party legitimately pursues its self-interest through recognition of the self-interest of the other. This essential relationship of mutual recognition is in stark contrast to the pursuit of solipsistic self-interest that is central to the classical law of contract. Self-interest of this sort is not morally defensible, nor does it enhance economic welfare. It is for these reasons that the classical law is legally incoherent. The fundamental inadequacies of the classical law's treatment of agreement, consideration, and remedy have emerged as the doctrines of the positive law of contract have been progressively developed to give effect to the relationship of mutual recognition. The welfarist criticism of the classical law has, however, failed to develop a workable concept of self-interest, and so is at odds with what must be retained from the classical law's facilitation of economic exchange and the market economy. The relational law of contract restates self-interest in a morally, economically, and legally attractive manner as the foundation of the social market economy of liberal socialism. Contractual Relations is a fundamental critique of the classical law of contract and the welfarist response to the classical law, and a major statement of the relational theory of contract. This is an essential work for academics, advanced students, and others wishing to understand the fundamental law, economics and sociology of contract and exchange.

This volume revisits some of the key debates about the nature and shape of contract law, in light of the impact that statutes have had on its development. With contributions from leading contract law scholars, it fills a significant gap in existing theoretical and doctrinal analyses of contract law, which rely primarily on cases to put forward accounts of the general principles and structure of contract law. Statutory rules are, typically, seen as being specific instances of legal regulation that carve out exceptions to these general principles for specific reasons of policy. This treatment of these rules has resulted in an incomplete understanding of the nature of contract law and the principles that underpin it. By drawing specifically on contract statutes, the volume produces a more complete picture of modern contract law. A companion to the ground-breaking Tort Law and the Legislature: Common Law, Statute and the Dynamics of Legal Change (Hart Publishing, 2012) this collection will have a significant impact on the study of contract law.