Final answer:
An adhesion contract is a type of agreement prepared by one party with stronger bargaining power and offered to the other party on a 'take it or leave it' basis, without the chance for negotiation. It is common in consumer transactions like software agreements or insurance policies.
Step-by-step explanation:
The term used to describe a contract that has been prepared by one party and presented to the other party on a take it or leave it basis, where there is no room for negotiation, is known as a adhesion contract. Unlike bilateral contracts, where both parties exchange mutual promises and both have input into the terms of the contract, adhesion contracts tend to be drafted by the party with more power or leverage, often a business, and are presented to the weaker party, typically a consumer, who has little choice but to accept the contract as is if they want the service or product.
Adhesion contracts are common in everyday transactions like signing up for a new software service or purchasing insurance. The consumer typically does not have the opportunity to negotiate the terms and must agree to the contract in full to proceed with the transaction. In some cases, certain terms within an adhesion contract may be found to be unconscionable and thus unenforceable if they are overly oppressive or unfair.