Models of ligand binding are often based on four assumptions: (1) ster
ic fit: that binding is determined mainly by shape complementarity; (2
) native binding: that ligands mainly bind to native states; (3) local
ity: that ligands perturb protein structures mainly at the binding sit
e; and (4) continuity: that small changes in ligand or protein structu
re lead to small changes in binding affinity. Using a generalization o
f the 2D HP lattice model, we study ligand binding and explore these a
ssumptions. We first validate the model by showing that it reproduces
typical binding behaviors. We observe ligand-induced denaturation, ANS
and heme-like binding, and ''lock-and-key'' and ''induced-fit'' speci
fic binding behaviors characterized by Michaelis-Menten or more cooper
ative types of binding isotherms. We then explore cases where the mode
l predicts violations of the standard assumptions. For example, very d
ifferent binding modes can result from two ligands of identical shape.
Ligands can sometimes bind highly denatured states more tightly than
native states and yet have Michaelis-Menten isotherms. Even low-popula
tion binding to denatured states can cause changes in global stability
, hydrogen-exchange rates, and thermal B-factors, contrary to expectat
ions, but in agreement with experiments. We conclude that ligand bindi
ng, similar to protein folding, may be better described in terms of en
ergy landscapes than in terms of simpler mass-action models.