
Published online:
01 January 2010
Published in print:
14 November 2002
Online ISBN:
9780191717857
Print ISBN:
9780199258017
Contents
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The Form of Legal Doctrine The Form of Legal Doctrine
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Closure and Expectations Closure and Expectations
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Commercial Arbitration Commercial Arbitration
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Common Law Reasoning Common Law Reasoning
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The Virus of Formalism The Virus of Formalism
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A Transformation in Legal Doctrine? A Transformation in Legal Doctrine?
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Conclusion Conclusion
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Cite
Collins, Hugh, 'Formalism and Efficiency', Regulating Contracts (Oxford , 2002; online edn, Oxford Academic, 1 Jan. 2010), https://doi.org/10.1093/acprof:oso/9780199258017.003.0008, accessed 15 May 2025.
Abstract
This chapter draws together the threads of the argument with respect to the question of what kind of regulation of contracts will best support markets. The argument challenges the conventional wisdom that a clear, formal set of rules defining the entitlements of parties to the contract best serves the interests of business. It is argued that the advantages of formalism in legal reasoning are normally overstated, and that calculability of legal entitlements requires rather more open textured roles and other techniques for contextualizing disputes.
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