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Assessing the efficacy of visual contracts: an empirical study of transaction costs

Applied economics, 2023-08, Vol.55 (40), p.4712-4726 [Peer Reviewed Journal]

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Title:
Assessing the efficacy of visual contracts: an empirical study of transaction costs
Author: Zan, Bingyan ; Andersen, Camilla Baasch ; Toohey, Lisa
Subjects: Comic book contract ; Consumer contracts ; Contracts ; Economic benefit ; Legal Design ; Terms and conditions ; Transaction cost ; Visual contracts
Is Part Of: Applied economics, 2023-08, Vol.55 (40), p.4712-4726
Description: Visual contracts have attracted increasing attention as a human-focused approach to contract law, with proponents arguing they are a better way to effectively communicate complex terms and conditions. However, there have been only limited empirical studies of the efficacy of these contracts. This paper compares and evaluates data of responses to text and visual contracts from two large Australian companies. Drawing on theories of transaction cost economics, we undertook an empirical study of ordinary least square (OLS) regressions to examine the effectiveness of visual contracts in comparison with traditional text-based contracts. Analysis of the results demonstrates that the visual format plays a significant role in reducing the transaction costs of contracting, providing empirical confirmation of the value of contract redesign and the visual format.
Publisher: Routledge
Language: English
Identifier: ISSN: 0003-6846
EISSN: 1466-4283
DOI: 10.1080/00036846.2023.2174942
Source: Taylor & Francis Open Access

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