Writea legal analysis based on the following law and scenario using the IRAC method.

Here is your summary of the case law principles on consumer contracts.

1. In a consumer or retail transaction, a merchant can only enforce a contract term limiting the merchant's liability for damages, if the merchant did everything reasonable under the circumstances to specifically bring the term to the consumer's attention before the contract was completed.
2. The person relying on a limitation term must prove that the consumer had proper notice of the term.
3. Once a contract is completed, it can only be modified if there is a new exchange of value between the parties.
4. The person relying on a contract modification must prove that there was a new exchange of value.

FACTS

Laura and Jim looked for a wedding reception site for six months. They needed to stay within a budget. Many of Laura's family were coming from out of town and she wanted a place within walking distance from the hotel she was booking for relatives.

Jim finally suggested that they hire a wedding planner who knew places the couple would never find out about. The wedding planner promptly found a third floor reception room in Healthy Hearts Health Club one block from the hotel that had been used by another client several years ago.

Laura and Jim met with the owner of Healthy Hearts Health Club to try to rent the third floor space for their wedding reception. The health club owner was reluctant at first, but Laura pleaded with him and Jim said they were very responsible people. The health club owner had Laura and Jim sign a contract agreeing to rent the third floor space from 4:00 p.m. up until 11:30 p.m., and to pay all costs of table and chair rental, catering, and serving staff.

After Laura and Jim signed the contract, the health club owner gave Laura and Jim a copy of the "health club rules" and a brochure. The brochure also had the liability term printed on the back. The owner had Jim sign a copy of the brochure and write the word "received" and the date under his signature.

At the wedding reception several guests got obscenely drunk and broke an expensive stained-glass window. The health club owner is demanding $8,000 to replace the stained-glass window he says was imported from Italy.

The owner says that when they signed the contract he told Laura and Jim that under Rule 3, they were responsible for the actions of all their guests and any damage that their guests might cause. Laura and Jim say they were not paying much attention to what the owner was telling them. The couple had been just so relieved they wouldn't have to put off the wedding because they couldn't find a venue. They were hugging and kissing and paying more attention to each other than the manager. Jim says he doesn't recall the discussion on the rules. Laura says she remembers something about paying for guests, which she took to mean that she had to pay for the guests' drinks.