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Formalism

Missouri Law Review

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Contract Law, Party Sophistication And The New Formalism, Meredith R. Miller Apr 2010

Contract Law, Party Sophistication And The New Formalism, Meredith R. Miller

Missouri Law Review

Part II of this Article positions the discussion in a theoretical context and describes the significance of party sophistication as a compromise between formalist and realist concerns. Part III collects examples of settings in which courts have used party sophistication as a tool to organize the world of contracting parties and, with that, the applicable legal principles. For sophisticated parties, in answering a wide array of contract questions, courts employ a formalist approach. Part IV begins descriptively and addresses the general lack of meaningful assessment of party sophistication. Drawing upon the review of hundreds of cases, Part IV identifies what …