Models of contract law: an empirical evaluation of their utility

The Case Law in common law jurisdictions is massive and burgeoning. This is particularly true of private law, including contract law. To date there are over 6,000 Australian cases on contracts, over 900 of them in the High Court of Australia. There is wide agreement that it is becoming increasingly costly to locate, comprehend and apply. Would it be beneficial if it were replaced by an authoritative statement of the law in a more accessible form, such as in a code? If there were to be a code, should it state the law in a relatively small number of broad principles or state it in the form of numerous detailed rules?