Brazil and Germany: a behavioral law and economics approach to standard form contracts

Abstract

Consumer relations are strongly influenced by the market economy, which can be seen as a reflection of the globalization faced by contemporary society. Standard form contracts appear as a demand of this economic and globalized world, since they can provide greater uniformity, rapidity, efficiency and dynamism to contractual relations. Behavioral economics assumes that consumers suffer from cognitive limitations in processing information. Considering this and relying on a theoretical framework, the biases that influence the choices of a consumer who concludes a standard form contract will be studied from the point of view of Behavioral law and economics.

Keywords

• Behavioral Law and Economics
• Standard form contracts
• Biases