Columbia Law School Scholarship Archive Faculty Scholarship Faculty Publications 2008 From Langdell to Law and Economics: Two Conceptions of Stare Decisis in Contract Law Jody S. Kraus Columbia Law School,
[email protected] Follow this and additional works at: https://scholarship.law.columbia.edu/faculty_scholarship Part of the Constitutional Law Commons, Contracts Commons, and the Law and Economics Commons Recommended Citation Jody S. Kraus, From Langdell to Law and Economics: Two Conceptions of Stare Decisis in Contract Law, 94 VA. L. REV. 157 (2008). Available at: https://scholarship.law.columbia.edu/faculty_scholarship/600 This Essay is brought to you for free and open access by the Faculty Publications at Scholarship Archive. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Scholarship Archive. For more information, please contact
[email protected]. ESSAY FROM LANGDELL TO LAW AND ECONOMICS: TWO CONCEPTIONS OF STARE DECISIS IN CONTRACT LAW AND THEORY Jody S. Kraus* N his classic monograph, The Death of Contract, Grant Gilmore argued that Christopher Columbus Langdell, Oliver Wendell Holmes, and Samuel Williston trumped up the legal credentials for their classical bargain theory of contract law. Gilmore's analysis has been subjected to extensive criticism, but its specific, sustained, and fundamental charge that the bargain theory was based on a fraudu- lent misrepresentationof precedential authority has never been ques- tioned. In this Essay, I argue that Gilmore's case against the classical theorists rests on the suppressed premise that the precedential au- thority of cases resides in the express judicial reasoning used to de- cide them.