This book explores various approaches around the world regarding price term control, and particularly discusses the effectiveness of two major paths: ex ante regulatory and ex post judicial intervention. Price control and its limits are issues that affect all liberal market economies, as well as more regulated markets. For the past several years, courts in many different countries have been confronted with the issue of whether, and to what extent, they should intervene regarding price-related terms in standard form contracts – especially in the area of consumer contracts. Open price clauses, flat remunerations, price adjustment clauses, clauses giving the seller/supplier the right to ask for additional payments, bundling or partitioning practices, etc.: a variety of price related terms are used to manipulate customers’ choices, often also by exploiting their behavioral biases. The result is an unfavorable contract that is later challenged in court. However, invalidating a given price term in standard forms e.g. of a banking or utilities contract only has an inter partes effect, which means that in thousands if not millions of similar contracts, the same clauses continue to be used. Effective procedural rules are often lacking. Therefore, pricing patterns that serve to hide rather than to reveal the real cost of goods and services require special attention on the part of regulators. The aim of this book is to determine the various approaches in the world regarding price term control, and particularly to discuss the efficiency of both paths, ex ante regulatory and ex post judicial intervention. Thanks to its broad comparative analysis, this book offers a thorough overview of the methods employed in several countries. It gathers twenty-eight contributions from national rapporteurs and one supra-national rapporteur (EU) to the 2018 IACL Congress held in Fukuoka. These are supplemented by a general report presented at the same IACL Congress, which includes a comparative analysis of the national and supranational reports. The national contributors hail from around the globe, including Africa (1), Asia (5), Europe (17), the European Union (1) and the Americas (5).

Regulation of the content of standard-form contracts usually focuses on the invisible terms that customers hardly ever read. It does not refer to the price, because price is a salient component of the transaction, to which customers usually pay attention and sometimes even compare between suppliers. However, it is often difficult to draw the line between the price and price-related, invisible terms.This report -- prepared for the 2018 general conference of the International Academy of Comparative Law -- analyzes the Israeli experience concerning the regulation of prices and price-related terms. The Israeli experience is interesting for several reasons. These include the fact that in 1964, Israel was the first country to enact a specific Law regulating the content of standard-form contracts, which established both a framework for ex post judicial supervision and a mechanism for ex ante, administrative/quasi-judicial supervision; the various reforms made in these mechanisms throughout the years, including the de facto abolition of the administrative/quasi-judicial mechanism in 2014; and the activist policy adopted by the Israeli Banking Supervisor. While Israeli law -- much like other systems -- has long imposed strict disclosure duties on banks, insurers, and other suppliers, unlike some other systems, it has always regulated the content of contracts, as well. This regulation was vital during the 2008 subprime crisis, in which Israel suffered little, and recovered quickly.

In this volume, the Study Group and the Acquis Group present the first academic Draft of a Common Frame of Reference (DCFR). The Draft is based in part on a revised version of the Principles of European Contract Law (PECL) and contains Principles, Definitions and Model Rules of European Private Law in an interim outline edition. It covers the books on contracts and other juridical acts, obligations and corresponding rights, certain specific contracts, and non-contractual obligations. One purpose of the text is to provide material for a possible "political" Common Frame of Reference (CFR) which was called for by the European Commission's Action Plan on a More Coherent European Contract Law of January 2003.

Providing a practical analysis of the legal principles which govern the formation of contracts in English law (with additional authorities from the Commonwealth), this work on contract formation offers those involved in litigation and in drafting contracts a guide to the application of those principles in practice.