Zev J. Eigen, Florencia Marotta-Wurgler, More about this item Keywords online contracts ; clickwrap ; informed minority ; ecommerce law ; contracts law ; standard form contracts ; All these keywords.
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Page updated Handle: RePEc:net:wpaper DOI: Trossen Published Business The Journal of Legal Studies A cornerstone of the law and economics approach to standard-form contracts is the informed-minority hypothesis: in competitive markets, a minority of term-conscious buyers is sufficient to discipline sellers from using unfavorable boilerplate terms.
This argument is often invoked to limit intervention or regulate consumer transactions, but there has been little empirical investigation of its validity. We track the Internet browsing behavior of 48, monthly visitors to the Web sites of 90… Expand.
View via Publisher. Save to Library Save. Create Alert Alert. Share This Paper. Background Citations. Methods Citations. Figures and Tables from this paper. Citation Type. Has PDF. Publication Type. More Filters. The very small number of consumers who read the contracts are not enough to affect the market. Courts and scholars have said that checking by a few vigilant consumers protects others from questionable contract terms, but there is no evidence this is true for software.
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