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Standardized contracts

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Debunking The Standardized Nature Of Insurance Policies, Elizabeth Sousa Jan 2022

Debunking The Standardized Nature Of Insurance Policies, Elizabeth Sousa

Fordham Journal of Corporate & Financial Law

This article discredits the conventional view of insurance policies as standardized contracts that do not vary across insurance companies and policyholders. Contrary to this view, there are wide variations in policy language in both the admitted and non-admitted insurance markets. These deviations reduce the perceived benefit of insurance policies as standardized contracts intended to promote predictability and lower transaction costs for policyholders by focusing only on the most salient terms. Nowhere is this deviation more apparent than with Commercial General Liability (CGL) policies defendants are turning to in the current opioid litigation.

The opioid epidemic has been plaguing the United …

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Understanding Insurance Policies As Noncontracts: An Alternative Approach To Drafting And Construing These Unique Financial Instruments, Christopher French Dec 2016

Understanding Insurance Policies As Noncontracts: An Alternative Approach To Drafting And Construing These Unique Financial Instruments, Christopher French

Christopher C. French

Insurance policies commonly are understood to be a species of standardized contracts. This Article challenges that conventional wisdom and argues that insurance policies do not actually qualify as contracts under the doctrinal and theoretical bases of contract formation. It examines the process by which insurance policies are created and sold, and measures that process against the requirements for contract formation. This Article also distinguishes insurance policies from other types of standardized contracts, such as wrap agreements, which currently are the subject of much litigation and scholarly commentary. It then explores the doctrinal and theoretical bases underlying the specialized rules that …

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Insurance Policies: The Grandparents Of Contractual Black Holes, Christopher French Dec 2016

Insurance Policies: The Grandparents Of Contractual Black Holes, Christopher French

Christopher C. French

In their recent article, The Black Hole Problem in Commercial Boilerplate, Professors Stephen Choi, Mitu Gulati, and Robert Scott identify a phenomenon found in standardized contracts they describe as “contractual black holes.” The concept of black holes comes from theoretical physics. Under the original hypothesis, the gravitational pull of a black hole is so strong that once light or information is pulled past an event horizon into a black hole, it cannot escape. In recent years, the theory has been reformulated and now the hypothesis is that some information can escape, but it is so degraded that it is virtually …

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Got Wheels? Article 2a, Standardized Rental Car Terms, Rational Inaction, And Unilateral Private Ordering, Irma S. Russell Jan 2006

Got Wheels? Article 2a, Standardized Rental Car Terms, Rational Inaction, And Unilateral Private Ordering, Irma S. Russell

Faculty Law Review Articles

This article considers the system of unilateral private ordering by form contracts: the presumptions of a free market and free bargaining. It questions whether the system of constrained judicial oversight that serves to insulate bargaining from governmental control should extend to standardized consumer contracts that emphatically dispense with bilateral ordering. It also questions whether the unilateral private ordering presented by standardized contracts effects a cost savings for society, a construct with apparently universal acceptance today. This article considers the application of Article 2A to standard form contracts in the most common consumer leasing transaction -- renting a car.

Part II …

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The Interaction Of The Doctrine Of Reasonable Expectations And Ambiguity In Drafting: The Development Of The Kentucky Formulation, Amy D. Cubbage Jan 1996

The Interaction Of The Doctrine Of Reasonable Expectations And Ambiguity In Drafting: The Development Of The Kentucky Formulation, Amy D. Cubbage

Kentucky Law Journal

No abstract provided.

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