STANDARD FORM CONTRACTS

Standardization of Standard-form Contracts: Competition and Contract Implications

Standard-form contracts are a common feature of commercial relationships because they offer the advantage of lower transaction costs. This advantage of standard contracts is increased when there is a second layer of standardization under which multiple firms agree on a standard contract. Trade associations and similar entities often effect standardization of this kind through collective agreeme...

Standardization of Standard-Form Contracts: Competition and Contract Implications

Standard-form contracts are a common feature of commercial relationships because they offer the advantage of lower transaction costs. This advantage of standard contracts is increased when there is a second layer of standardization under which multiple firms agree on a standard contract. Trade associations and similar entities often effect standardization of this kind through collective agreeme...

The Microfoundations of Standard Form Contracts: Price Discrimination vs. Behavioral Bias

Standards of care and standard form contracts: distinguishing patient rights and consumer rights in managed care.

Consumer-driven Changes to Online Form Contracts

Consumers have been using widespread negative feedback to make firms change their online standard form contracts. In 2009, for example, backlash against an update to Facebook’s terms of service caused the company to rewrite its entire agreement. Such consumer action challenges the view that sellers can take advantage of consumers’ inattention to fine print by offering one-sided terms and sugges...