As expected, the American Law Institute (“ALI”) approved the Restatement of the Law, Consumer Contracts yesterday at ALI’s 2022 Annual Meeting in Washington, DC. The Restatement sets forth a series of rules that are intended to represent the current black letter law for contracts between businesses and consumers and culminates an 11-year project by ALI on the subject.
Discussion of the Restatement kicked off Day 2 of ALI’s meeting, with a briefing on significant changes to the tentative draft from the 2019 Annual Meeting and then comments from ALI members in attendance on the topics covered in the Restatement. Following discussion, the draft was approved with minor technical changes that will be made to the official text for publication.
More discussion regarding the Restatement can be found here as well as in this week’s Consumer Finance Monitor Podcast episode with Ballard Spahr’s Alan Kaplinsky (who is on the ALI Board of Advisers to the new Restatement) and special guest Steven Weise from the ALI Council.