Final answer:
A contract created when one party has superior bargaining power and the other party has little choice but to accept the terms is known as a Contract of Adhesion.
Step-by-step explanation:
When one party has superior bargaining power, leaving the other party with little choice but to accept its terms, the outcome is typically a Contract of Adhesion. A contract of adhesion is a standardized contract drafted by one party (usually a business with stronger bargaining power) and offered to the other party (usually a consumer) on a take-it-or-leave-it basis, without affording the consumer a realistic opportunity to bargain and with no substantial opportunity for the weaker party to negotiate the terms.
Contracts of adhesion are often seen in circumstances where a standard form contract is presented for services such as insurance policies, leases, and various types of agreements you might encounter in everyday transactions that don't allow for negotiation. They contrast starkly with a negotiated contract where both parties have equal power to negotiate the terms of the agreement.