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 paper...

We explore learning and change in standard form contracts. We hypothesize that drafters (sellers) are more likely to revise the terms they offer when they have an opportunity to learn about their value. These opportunities arise only for those types of terms that allow drafters to experience the...

Most commercial transactions are governed by standard form contracts. But despite the ubiquity of standard forms, there has been little empirical study of their content and determinants. This paper provides a comprehensive analysis of 647 software license agreements, paying special attention to...