Standard Form Of Agreement
The fact remains that even if they had time to read the standard contracts, consumers would probably not understand them. And even if they understood them, they would probably have no choice but to «take or leave them,» as Lord Diplock suggested. When was the last time you renegotiated the terms of a standard form contract with a major airline or web-based bookseller? One approach to this problem would be to reject the assumptions about the almost equal bargaining power of conventional or neoclassical theorists, by promoting judicial and legal overhaul of contracts. Another would be to try to create the bargaining autonomy expected by traditionalists and to promote greater awareness of contracts by consumers. The schemes designed by the courts to protect individuals in a standard form of contractual examples of these two approaches are evident in modern statutes and jurisprudence. Legislation passed in recent years has eliminated some of the most obvious concerns, such as high and hidden interest rates in credit transactions, by banning them. Changes have also been made to the form, layout and language of consumer documents to make them more accessible and understandable. The 1977 Abusive Contract Clauses Act and European legislation have also played an important role in the legal fight against unfair exclusion and liability in model contracts. These developments will be discussed in more detail in the next chapter. In July 2013, Russian Dmitry Agarkov won a lawsuit against tinkoff Bank after changing the standard form contract he had received in the mail. Since the bank did not take note of the changes, it accepted the application and gave it an account on the basis of the amended contract. The judge ruled that the bank was legally bound by the contract it had signed. Agarkov is suing the bank for breach of the terms he had added to the contract that it had unknowingly accepted when the contract was signed.
Agarkov`s lawyer, Dmitry Mihalevich, said: «You signed the documents without looking. They said what their borrowers usually say to the court, «We have not read it.»   Standard contracts are agreements that apply standardized and unseeded rules, usually in pre-printed form.