Contracts as Commodities: The Influence of Secondary Purchasers on the Form of Contracts

In 1970 Professor Arthur Leff brought a new vision to a half century of debate about standard form contracts' by pointing out that consumer contracts should be seen not primarily as "contracts," but as"things," intangible products, sold to the consumer. As "things," Leff argued, form contracts should be subject to the same kinds of warranty laws as tangible goods. The debate about form contracts in consumer transactions continues, but, as Leff predicted, the debate largely has ignored his insight concerning the nature of the pieces of paper involved.