STANDARD CONSUMER AGREEMENTS

law

The use of standard form contract is extensively widespread in the era of globalization. Although initially it was formed as an agent to facilitate market transactions, it is now seen as hindering the business process and increasing the cost of goods. Its practice in the daily consumer transaction has drawn attention due to its nature and characteristics. It is known as a contract which was prepared by one party without any negotiation between the parties and its formation is based on a ‘take it or leave it basis.’ Its contents often consist of unfair terms and exclusion clauses which often give benefits and advantage to the one who prepares the contract. In this new era, standard form contract reflects a new dimension of oppression of the consumers. The rise of this type of contract to deprive consumers of their rights have indeed inspired the laws in many countries to react against the increasing decline of the individual’s capacity to make a free choice and bargain

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