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Contracts between firms and consumers are regulated extensively. Courts and legislatures prohibit the use of certain terms, require the use of others, and, if firms make appropriate disclosures, permit the use of still others. Decisionmakers and commentators often justify this regulation on the ground that "imperfect information" exists in consumer markets. They seldom distinguish, however, the differing forms of imperfect information, nor do they appreciate the various normative implications that attach to each of these forms. This article attempts to clarify the imperfect information justification for regulation as it applies to contract terms.

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