> Begin forwarded message: > > From: Monty Solomon <mo...@roscom.com> > Subject: Re: [iw] - With Online Terms of Service, What Happens When You Click > 'Agree'? > Date: January 24, 2021 at 12:30:13 EST > To: rfo...@infowarrior.org > > FYI > > Contracts in the Age of Smart Readers > > Arbel, Yonathan A. and Becher, Shmuel I., Contracts in the Age of Smart > Readers (December 1, 2020). Available at SSRN: > https://ssrn.com/abstract=3740356 or http://dx.doi.org/10.2139/ssrn.3740356 > > Abstract > > What does it mean to have machines that can read, explain, and evaluate > contracts? Recent advances in machine learning have led to a fundamental > breakthrough in machine language models, auguring a profound shift in the > ability of machines to process text. Such a shift has far-reaching > consequences for contract and consumer law, where information barriers have > long been the driving force behind a large body of regulation. Our object > here is to provide a general framework for evaluating the legal and policy > implications of using language models as ‘Smart Readers’—tools that read, > analyze, and assess contracts. > > Synthesizing state of the art developments, we identify four core > capabilities of smart readers. Based on real-world examples produced by new > machine-learning models, we demonstrate that smart readers can: (1) simplify > complex legal language; (2) personalize the contractual presentation to the > user’s specific socio-cultural identity; (3) interpret the meaning of > contractual terms; and (4) benchmark and rank contracts based on their > quality. > > Nevertheless, the implications of smart readers are more complex than > initially meets the eye. While smart readers can overcome traditional > information barriers and empower parties, they rely on black-box models that > sophisticated parties can exploit. Smart readers can close some of the gaps > in access to justice, but they also introduce concerns about contractual bias > and discrimination. While smart readers can also improve term transparency, > they might also lead judges and policymakers to relax their guard prematurely. > > The current body of contract doctrine and scholarship is ill-equipped to deal > with both the prospects and risks of smart reader technology. This Article > narrows this gap. It maps the necessary theoretical, policy, and doctrinal > adaptations to the age when machines can automate the reading of contracts. > > https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3740356 > >
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