Standardized Contracts, Law of

the rules drafted by monopolistic groups to govern standardized contracts. Although the contracts are not recognized as sources of law, in accordance with business practices in capitalist countries, the contracting party may neither change the proposed conditions nor even discuss them; entering into a contract, he is subordinated to the terms contained therein. Thus, the contracting party has no recourse to the dispositional norms of civil and commercial law. The law of standardized contracts makes it possible for monopolistic groups, using their economic advantages, to secure for themselves a privileged position.