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Response 1: Robyn Finster
You make a good point about asymmetry of information. There was no third party made available to draw up this contract to make it equitable, or explain its terms. The Commercial Credit Loan drafted the agreement. There was no opportunity for the borrower to allow a lawyer or other individual to examine the terms of the agreement, given the pressure Commercial Credit exerted upon the borrower for an immediate signature.
Response 2: Elizabeth Laage
Your personal story indicates how even when consumers seek out information, frequently the language used is so confusing it sounds contradictory. Part of the notion of contractual unconscionability, I believe, should include consideration of language that is deliberately misleading to one of the parties. Consumers often are confused and agree to lopsided legal contracts, based upon biased information they hear, or because of the way the agreement is phrased.
Response 3: Derek Blackmore
Being pressured into home improvement contracts is something I have witnessed in my own life many times. Frequently, someone will offer someone a 'free estimate' and that 'estimate' will include...
In such instances, getting a second opinion is essential. However, when high-pressure techniques are used, and it is emphasized that 'now or never' is the deadline, consumers often feel as if they do not have the ability to gain additional information. That is why legally speaking, full disclosure in clear and transparent language is so essential.
Response 4: Derek Blackmore
The differences from state-to-state regarding the concept of contractual unconscionability indicate the difficulties for consumers in getting enough information before agreeing to a contract. Not only must they have general information about the law, they must also know about the legal provisions within their state. Particularly when state laws are different, it can be challenging for a non-lawyer to understand his or her rights. On a larger level, rather than complaining that the NC declaration of contractual unconscionability will clog up the court system, the legal morass that resulted after the recent credit crisis indicates the need for more aggressive consumer protection agencies, to prevent such one-sided contracts from occurring in the first place.
Consumer Protection Agency is tasked with ensuring that products which are deemed unsafe are removed from the market either permanently or until they meet federal safety standards. The agency provides a list of these products for the public, and they are generally announce in some fashion also. The agency maintains a website via which it keeps a list of the products that have been recalled and for what reason. The
Consumer Protection Which do you believe presents the greatest threat to civil society: a corporation that commits crimes (e.g., murder, environmental crimes, or bribery, etc.), or persons who commit crimes that harm businesses (e.g., embezzlement, fraud, or larceny, etc.)? Defend your response, using at least one example from current events. The greatest threat to civil society is corporations that commit crimes. This is due in part the overall prevalence of the business
Consumer Protection Memo: Consumer Protection In their article in the Harvard Business Review, Robinson, Viscusi & Zeckhauser (2016) argue that consumer warning labels are not effective. They resoundingly assert that the labels do not communicate adequate information for consumers, especially in terms of benefits and risks. Essentially, the current labeling system is miserably ineffective in differentiating between significant and insignificant risks, or between "wolves" and "puppies" as the authors put it. Most
He defined the ideals that people share about how people ought to behave a "categorical imperative" - a transcendent concept of "rightness of action." No one would want to be taken advantage of the way Countrywide did, and under no circumstances did they themselves believe their actions were "right." Egoism or self-interest ethics may explain the Countrywide rationale, after all, they were acting to advance own interests, over all else.
Potential Concerns about the Consumer Financial Protection Agency Despite the multitude of benefits revealed by the CFPA, commercial banks and mortgage lenders continually present their growing dissatisfaction with the act. Representatives of this side include reputable organizations such as JP Morgan Chase or Wells Fargo, as well as a series of independent mortgage brokers and mortgage lenders and local and regional banking institutions. Their most compelling reasons for the dismissal
This is achieved by forcing them to maintain a list of individuals who do not wish to be conducted about purchasing a variety of products and services. Furthermore, these protections were enacted to ensure that businesses are not engaging in tactics that are abusive by limiting the times when they can call and what they can say. (Caudill, 2000) In contrast with the Consumer Privacy Bill of Rights, the proposed