Economics Faculty Publications

Document Type

Article

Abstract

In 1971, W. David Slawson estimated that 99% of all contracts do not resemble the Platonic ideal of a document of jointly negotiated terms, but rather are lists of terms presented by one party to the other on a pre-printed form.2 Although this estimate is forty years old, it underestimates our cur-rent market exchange situation; the pervasiveness of form contracts stipulat-ed by one party has increased.3 Contract law generally provides for the enforcement of such contracts, allowing the powerful party to essentially govern over consumers and weaker parties.4 Classical contract theory allows for this enforcement of contracts based upon a number of assumptions about human nature and the bargaining process.

Publication Date

2013

Publication Title

Michigan State Law Review

Volume

2013

Issue

1

Start Page No.

211

End Page No.

255

Included in

Contracts Commons

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