The immediate problem of Plato’s prisoners in the cave, it will be recalled, was understanding what was going on in the cave (for they could see only the shadows on the wall). In our contention, the situation of those who try to operate consistently within the constraints imposed by the traditional exposition of contract (sometimes pejoratively referred to as the ‘black-letter’ approach), is somewhat akin to that of Plato’s prisoners. They may perceive shadows, but they are unable to interpret them from the confines of their position. The purpose of this article is to sketch a framework for the law of contract, which we hope will assist in this interpretive exercise.