Is Contract Law Liberal? On Autonomy and Exchange

Autonomy theories of contract are influential and have many attractions, not least their compatibility with liberal ideals. However, such theories cannot account for basic features of the common law of contract, in particular: the role of established transaction types, the doctrine of consideration and the phenomenon of contractual obligation. An exchange theory of contract can account for those features of the law. This theory’s liberal credentials can be established by connecting it to an alternative intellectual strand in the liberal tradition, sometimes known as commercial liberalism.