The goal of this course is to study and apply normative and explanatory theories to contract law (including commercial and consumer law). A significant part of the course will be dedicated to economic analysis of contract law, but we shall also discuss in detail liberal theories (contract as promise, contract as a substitute to promise); contract law as public law; reliance and restitution; transfer theories; civil recourse theories; behavioral law and economics; relational contracts; fairness and equivalence of exchange; redistribution of power and wealth through contract law; and paternalism. The legal doctrines to which these theories will be applied include contract formation, disclosure duties, interpretation and gap filling, mandatory regulation, and remedies for breach of contract. Since similar normative theories underlie policy considerations in other spheres of private and commercial law, the course is expected to contribute to those spheres as well. The course assumes no prior knowledge of any non-legal discipline. It will, however, extensively integrate insights from such disciplines as economics, normative ethics, cognitive psychology, sociology, and empirical and experimental legal studies.
