Empirical Studies of Contract

Abstract

Since the mid-2000s, a cottage industry has slowly blossomed of empirical research dedicated to advancing our knowledge of contracts on the books—accounting for what contracts tend to purportedly obligate signers to do—and contracts in action—accounting for how contracting parties tend to behave. This article reviews this literature, focusing on the past seven years, and identifies eight questions organized by two propositions that span across disciplines that have most contributed empirical research on contracts, such as law, economics, and management. The article highlights key findings and points of consensus in this research and notes areas most pressingly in need of additional research.