 Contractual obligations, according to such theories, are grounded in the value of a shared perspective. On one version, this value lies in the recognition immanent in the perspective, as promisors and promisees each treat the other as an independent person, imbued with the special normative status that asserting contractual authority involves. This approach treats the duty of good faith in performance, which the common law makes mandatory in every contract (UCC: §1-304; R2: §205), as contract law’s core doctrine, because it requires parties to show fidelity to the shared perspective of the contract relation when they administer their contracts (Markovits 2014). On another version, the value of the contract relation lies in the transfer of rights, completed at the moment of contract formation. This approach treats the consideration doctrine, which other theories regard as poorly justified and marginal to contract law, as contract’s central, organizing principle. Consideration ensures that every contract is indeed constituted as a transaction involving an exchange of rights (Benson 2019).