restatement

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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…

With ALI’s members poised to approve the new Restatement, providers need to understand the Restatement’s impact on their consumer agreements, particularly those entered into online.  After reviewing the rationale for the new Restatement and ALI’s approach to developing the rules it contains, we look at the issues covered by each section, such as the rules…

Our Consumer Finance Monitor podcast continues to cover the most important industry issues.  In anticipation of the American Law Institute (“ALI”) considering the Restatement of the Law, Consumer Contracts (the “Restatement”) at its Annual Meeting in Washington, DC on Tuesday, May 17, we plan to release an episode about the Restatement with guest Steven Weise, a…

I am pleased to report that as a result of the efforts of its business and consumer critics (among whom I include myself), the Tentative Draft of the Restatement of the Law, Consumer Contracts was put “on hold” yesterday at ALI’s annual meeting in Washington, D.C., making next year’s annual meeting the earliest date when…

Tomorrow, the American Law Institute’s members are scheduled to vote on the Tentative Draft of the Restatement of the Law, Consumer Contracts at ALI’s annual meeting in Washington, D.C.  In this podcast, Alan Kaplinsky, who leads our Consumer Financial Services Group, interviews Steven Weise, a member of ALI’s Council, about the criticism of the Restatement…

Earlier today, I published a blog post explaining why I believe the American Law Institute’s members should not approve the Tentative Draft of the Restatement of the Law, Consumer Contracts (the “Restatement”) on which they will be voting at ALI’s annual meeting next Tuesday in Washington, D.C.  As I indicated in my blog post, the…

At the American Law Institute’s annual meeting next Tuesday in Washington, D.C., members will be voting on whether to approve a Tentative Draft of the Restatement of the Law, Consumer Contracts (the “Restatement”).  I had the privilege of participating as a panelist on May 6 in a panel discussion about the Restatement at the Thirteenth…

In this podcast, Alan Kaplinsky, who leads our Consumer Financial Services Group, interviews Professor Adam Levitin of Georgetown University Law School about why businesses and consumer advocates are both opposed to the proposed Restatement, which would change the law in ways that will harm businesses and consumers.

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The American Law Institute’s launch of a project to create a “Restatement of the Law Third, Consumer Contracts” could have major consequences for providers of consumer financial services and other companies that contract with consumers. The project’s premise is that because ALI’s existing Restatement Second of Contracts generally takes a “one-size-fits-all” approach that does not…