Offer and Acceptance in Modern Contract Law: A Needless Concept

The fundamental law of contract formation has retained the formalistic character of classical contract law. The offer-andacceptance paradigm fits poorly with modern contracting practice, and it obscures and complicates contract doctrine. More importantly, extending it threatens to produce undesirable results. Instead of the offer-and-acceptance paradigm, this Essay proposes that contract formation be analyzed using the […]

Rational Ignorance, Rational Closed-Mindedness, and Modern Economic Formalism in Contract Law

This article argues that modern economic formalism is nothing more than an argument for purportedly rational ignorance and closed-mindedness in courts. Although individuals may well be ignorant in many circumstances, courts ordinarily should not strive to be. The article first describes why rational ignorance and (to coin a phrase) “rational closed-mindedness” in individuals fail to […]