If contracts are code (they pretty much are), then someone should invent the Ruby/Scala (pick your readable language) of legalese. Have a programmer/language designer and a laywer pair up. Write a human readable, well-defined language for contracts, and open source it. You’d make millions.
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Peter Van Dijck 
A former colleague of mine is currently working with something like this for “Terms and Conditions” for service providers. You find his project here: http://www.commonterms.net/
He did get funding from the .se foundation for the project so hopefully there will be some practical results in the future.