The diamond industry's preference for an extralegal contractual regime cannot be explained by the transactions costs incurred in preserving an agreement in an integrated writing. Although the industry is organized to minimize the costs of using extralegal agreements, given the widespread use of weight slips, invoices, and bills of sale, the additional transaction costs of using legally enforceable standard-form contracts would not be significant. These agreements could be drafted to approach a complete contingent-state contract because most of the events that might disrupt a transaction are well known within the industry and are subject to wellestablished customs and usages within the trade. Nonetheless, the use of

Lisa Bernestein, Opting out of the Legal Sys…, loc. 137