Abstract

http://ssrn.com/abstract=2463508
 


 



What We Consent to When We Consent to Form Contracts: Market Price


Kenneth K. Ching


Regent University - School of Law

July 7, 2014


Abstract:     
Contracts require consent, yet no one reads form contracts. So what do we consent to when we consent to form contracts? Scholarly answers to this question range from “we consent to everything but the radically unexpected” to “we consent to nothing but the specifically negotiated.” This essay offers a new answer: when we consent to form contracts we consent to pay market price.

Part I of this essay discusses Randy Barnett’s argument that consent to form contracts is consent to be legally bound, which raises the question of whether there are any limits on what can be consented to via form contract. Part II discusses Carnival Cruise Lines v. Shute as illustrative of Barnett’s theory and argues that Carnival’s approach should be rejected. Part III of this essay argues that consent to form contracts should be construed as consent to pay market price.

Number of Pages in PDF File: 28

Keywords: Consent, Assent, Form Contracts, Standard Form Contracts, Contracts of Adhesion, Market Price, Randy Barnett, James Gordley, Aquinas, Carnival Cruise Lines, Shute, Equal Exchange, Bounded Rationality, Rolling Contracts, Behavioral Economics, Just Price, Commutative Justice

JEL Classification: J12

working papers series





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Date posted: July 8, 2014 ; Last revised: August 29, 2014

Suggested Citation

Ching, Kenneth K., What We Consent to When We Consent to Form Contracts: Market Price (July 7, 2014). Available at SSRN: http://ssrn.com/abstract=2463508 or http://dx.doi.org/10.2139/ssrn.2463508

Contact Information

Kenneth K. Ching (Contact Author)
Regent University - School of Law ( email )
1000 Regent University Drive
Virginia Beach, VA 23464
United States
HOME PAGE: http://www.regent.edu/ching
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