The American Law Institute has a group now working on the Restatement Third, The Law of Consumer Contracts.  It held its first Advisers meeting at NYU Law on Friday, November 30, to begin the process of clarifying how the law treats/should treat boilerplate business-to-consumer contracts, as compared to negotiated contracts, because they are currently lumped together by the Restatement Second of Contracts under one category.

The reporters for this process are NYU Law Professor Oren Bar-Gill and Omri Ben-Shahar, the Frank and Bernice J. Greenberg Professor of Law and Kearney Director of the University of Chicago Institute for Law and Economics.

For more information and a list of participants see: 

http://www.ali.org/index.cfm?fuseaction=projects.proj_ip&projectid=25