Seduction by Contract

Seduction by Contract

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Seduction by Contract explains how consumer contracts emerge from market forces and consumer psychology. Consumers' predictable mistakes - they are short-sighted, optimistic, and imperfectly rational - compel sellers to compete by hiding the true costs of products in complex, misleading contracts. Only better law can overcome the market's failure.Focusing on more concrete steps, the CARD Act requires that issuers disclose a Minimum Payment Warning on the monthly bill that ... on the amount of time it will take to pay off the balance and the aggregate total payment if only the minimum amount is paid each month. ... Moreover, issuers will have no incena€” tive to artificially increase complexity, only to disguise the true cost of credit, since theyanbsp;...

Title:Seduction by Contract
Author:Oren Bar-Gill
Publisher:Oxford University Press - 2012-08-23


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