Take it or leave it is the underlying term in a standard contract. Goods and services are offered in the condition that they are in and in the prices that they go for. Unlike other contracts, consumers have an opportunity to reject the terms stipulated in the contract. Goods and service cannot be obtained unless the consumer assents to the contract.
Standard contracts are non-negotiable, and the terms of the interaction largely benefit the seller. Apart from the nature of the goods and services, the obligations between the parties are made non-negotiable and cannot be changed under any circumstances. The consumer is likely to face penalties in the event the non-negotiable terms are breached.
Limitation of liability is a term that excludes the seller or service provider from loss or harm resulting from service. This is one way that a seller protects his business from legal action by the consumer. But the seller cannot exclude himself from defective goods or services or from personal injury or death caused by his goods or services. The exemption from liability must be reasonable and fair to the consumer.
Open-ended change-in-terms are common in standard contracts. They often appear in contracts providing services such as cell phone, satellite TV, Internet and credit card services. These terms can be changed when a service provider wants to do so without the obligation to consult the consumer. For example, a cell-phone service provider can increase the calling rates or a credit card provider can adjust the interest rates. Such provisions often come in long-term standard contracts.