The Experts below are selected from a list of 159 Experts worldwide ranked by ideXlab platform

Russell Korobkin - One of the best experts on this subject based on the ideXlab platform.

  • The Borat Problem in Negotiation: Fraud, Assent, and the Behavioral Law and Economics of Standard Form Contracts
    California Law Review, 2013
    Co-Authors: Russell Korobkin
    Abstract:

    Two parties reach an oral agreement. The first then presents a Standard Form Contract, which the second signs without reading, or without reading carefully. When the second party later objects that the first did not perForm according to the oral representations, the first party points out that the signed document includes different terms or disclaims prior representations and promises. I call this alltoo-common occurrence the “Borat Problem,” after litigation presenting this fact pattern that followed the 2006 movie of that name.

  • The Borat Problem: Fraud, Assent, and the Behavioral Law and Economics of Standard Form Contracts
    2011
    Co-Authors: Russell Korobkin
    Abstract:

    Two parties reach an oral agreement. The first then presents a Standard- Form Contract, which the second signs without reading, or without reading carefully. When the second party later objects that the first did not perForm according to the oral representations, the first party points out that the signed document includes different terms or disclaims prior representations and promises. I call this all-too-common occurrence the “Borat problem,” after litigation over the 2006 movie of that name based on this fact pattern. The Borat problem exists on the blurry border between tort and Contract law. This article describes the doctrinal indeterminacy and the underlying normative problem of bilateral opportunism that has caused courts to respond to the problem in a variety of inconsistent and unsatisfying ways. It then makes the case that the costs of Contracting can be minimized if parties who draft Standard Form Contracts are required to obtain “specific assent” from their counterparts in order to contradict or disclaim prior representations, and non-drafting parties are required to satisfy a heightened evidentiary Standard before being permitted to challenge the enforceability of Standard Form terms on the grounds of fraud or misrepresentation. This efficient solution to the Borat problem is consistent with established common law doctrinal principles.

Florencia Marotta-wurgler - One of the best experts on this subject based on the ideXlab platform.

  • Does Anyone Read the Fine Print? Testing a Law and Economics Approach to Standard Form Contracts
    IDEAS Working Paper Series from RePEc, 2009
    Co-Authors: Yannis Bakos, Florencia Marotta-wurgler, David Trossen
    Abstract:

    A cornerstone of the law and economics approach to Standard Form Contracts is the ÒinFormed minorityÓ hypothesis: in competitive markets, a minority of term-conscious buyers is enough to discipline sellers from offering unfavorable boilerplate terms. The inFormed minority argument is widely invoked to limit intervention in consumer transactions, but there has been little empirical investigation of its validity. We track the Internet browsing behavior of 45,091 households with respect to 66 online software companies to study the extent to which potential buyers access the Standard Form Contract associated with software purchases, the end user license agreement. We find that only one or two out of every thousand retail software shoppers chooses to access the license agreement, and those that do spend too little time, on average, to have read more than a small portion of the license text. The results cast doubt on the relevance of the inFormed minority mechanism in a specific market where it has been invoked by both theorists and courts and, to the extent that comparison shopping online is relatively cheap and easy, suggest limits to the mechanism more generally.

  • Competition and the Quality of Standard Form Contracts: The Case of Software License Agreements
    Journal of Empirical Legal Studies, 2008
    Co-Authors: Florencia Marotta-wurgler
    Abstract:

    Standard Form Contracts are pervasive. Many legal academics believe that they are unfair. Some scholars and some courts have argued that sellers with market power or facing little competitive pressure may impose one-sided Standard Form terms that limit their obligation to consumers. This article uses a sample of 647 software license agreements drawn from many distinct segments of the software industry to empirically investigate the relationship between competitive conditions and the quality of Standard Form Contracts. I find little evidence for the concern that firms with market power, as measured by market concentration or firm market share, require consumers to accept particularly one-sided terms; that is, firms in both concentrated and unconcentrated software market segments, and firms with high and low market share, offer similar terms to consumers. The results have implications for the judicial analysis of Standard Form Contract enforceability.”

  • What's in a Standard Form Contract? An Empirical Analysis of Software License Agreements
    Journal of Empirical Legal Studies, 2007
    Co-Authors: Florencia Marotta-wurgler
    Abstract:

    The vast majority of commercial transactions are governed by Standard Form Contracts, but little is known about their actual content and the determinants of that content. This article provides a comprehensive empirical analysis of an important class of modern Standard Form Contracts—software license agreements. In a sample of 647 licenses for software from various markets, I document the prevalence of terms relat- ing to license acceptance, license scope, limitations on transfer, warran- ties, limitations on liability, maintenance and support, and conflict resolution. I find that almost all licenses display a net bias, relative to relevant default rules, in favor of the software company (the Contract writer). I also investigate firm- and buyer-type determinants of the net bias. Larger and (controlling for size) younger firms offer more one-sided terms. Firms offer similar terms to both business buyers and members of the general public. In addition to providing new insight about the nature of Standard Form Contracts, the results may inForm efforts to draft new default rules to govern software transactions.

David Trossen - One of the best experts on this subject based on the ideXlab platform.

  • Does Anyone Read the Fine Print? Testing a Law and Economics Approach to Standard Form Contracts
    IDEAS Working Paper Series from RePEc, 2009
    Co-Authors: Yannis Bakos, Florencia Marotta-wurgler, David Trossen
    Abstract:

    A cornerstone of the law and economics approach to Standard Form Contracts is the ÒinFormed minorityÓ hypothesis: in competitive markets, a minority of term-conscious buyers is enough to discipline sellers from offering unfavorable boilerplate terms. The inFormed minority argument is widely invoked to limit intervention in consumer transactions, but there has been little empirical investigation of its validity. We track the Internet browsing behavior of 45,091 households with respect to 66 online software companies to study the extent to which potential buyers access the Standard Form Contract associated with software purchases, the end user license agreement. We find that only one or two out of every thousand retail software shoppers chooses to access the license agreement, and those that do spend too little time, on average, to have read more than a small portion of the license text. The results cast doubt on the relevance of the inFormed minority mechanism in a specific market where it has been invoked by both theorists and courts and, to the extent that comparison shopping online is relatively cheap and easy, suggest limits to the mechanism more generally.

Burhanudin Harahap - One of the best experts on this subject based on the ideXlab platform.

  • The Implementation of Standard Form Contract in Financing Agreement of Sharia Banking in Islamic Law Perspective
    International Journal of Multicultural and Multireligious Understanding, 2018
    Co-Authors: Audina Noor Arifa, Burhanudin Harahap
    Abstract:

    This study analyzed the implementation of Standard Form Contract in financing agreement of Sharia banking in Islamic law perspective. This study aimed at discovering the process of mutual agreement on Standard Form Contract of a financing agreement in Sharia banking. This study employed an empirical legal study. It was aimed at studying one or more social phenomena by analyzing it. This study found that during the process of mutual agreement on Standard Form Contract between the bank and the customer, the element of ijab and qabul had been satisfied since the bank had made an offer and the customer accept the bank offer. However, it was found that the customer did not possess a right to change the content of the Standard Form Contract. If there was a customer felt an objection, the requirement of a valid agreement is not satisfied since there is al-ikrah or compulsion factor in accepting the agreement. For the agreement is not met, the agreement will be considered as broken (fasid) and can be annulled.

Nurul Hijri - One of the best experts on this subject based on the ideXlab platform.

  • ANALYSIS OF THE IMPLEMENTATION OF Standard Form ContractS ACCORDING TO ISLAMIC LAW (STUDY ON BANK SYARIAH MANDIRI)
    2020
    Co-Authors: Jalilah Jalilah, Nurul Hijri
    Abstract:

    This study seeks to analyze the application of Standard Form Contracts imposed on banks sharia. The existence of a Standard Form Contract in professional interactions of sharia business has indeed caused pros and cons in society, especially among legal experts, although it could facilitate and save time, it is also against the sharia principle of wronging others. This research aims to find out how the practice of applying and reviewing Islamic law is implemented into Standard Form Contracts on musyarakah financing in BSM Banda Aceh branch, including the positive and negative sides from the application of the Standard Form Contract. The research method used is the qualitative method through primary data obtained from the field. The results showed that the Standard Contract at musyarakah financing at BSM Banda Aceh Branch is final and cannot be revised by the customers. Making Contracts without involving the customers and the room of negotiation causes that this Standard Form Contract is contrary to the principle of Contracting in Islam, namely the principal freedom of Contract, the principle of benefit (not burdensome) and the principle of balance (justice). Nonetheless, the Standard Contract on musyarakah financing is legally valid because the fulfillment of the terms of harmony and the terms of Contract in Islam are indicated by the signing of the Standard Contract by both parties as proof that both parties are equally pleased. The existence of a Standard Contract on musyarakah financing has a positive side, and negatives are comparable, because, on the one hand, it makes it easy and saves time, on the other hand, incriminating next party. Therefore, it is deemed necessary to negotiate or eliminate a clause which is burdensome to create a balanced, fair and mutual cooperation Contract between the two parties.