Tess Wilkinson-Ryan, Assistant Professor of Law and Psychology, University of Pennsylvania Law School
"The Common Sense of Contract Formation"
"We find that indeed information that a contract has been legally formed has behavioral effects, enhancing parties’ commitments to a deal even when there are no associated formal sanctions. However, we also document a series of situations in which misunderstandings have limited practical repercussions, because even parties who believe that legal obligation is about formalities take seriously the moral obligations associated with informal expectations, promises and exchanges. "