From a paper I co-authored for an American Corporate Counsel Association panel discussion:
16. The fewer physical pages a contract has, the more aesthetically acceptable it will be to your management and to the other side. This is true even if you crowd in a lot of text with a small font. (Microsoft’s contracts are usually done in 9-point Times Roman, a fairly small font.)
Update May 2009: I’ve since come around to a different view — the easiest contracts to read are those with fairly short paragraphs having sufficient white space (which printers call ‘leading’) between them.