Economics Faculty Publications

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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.

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Michigan State Law Review

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Contracts Commons