Law Commons^™

Sec Enforcement Of The Rule I0b-5 Duty To Disclose Material Information-Remedies And The Texas Gulf Sulphur Case, Edmund B. Frost

Michigan Law Review

On April 16, 1964, the Texas Gulf Sulphur Company announced one of the most significant mineral discoveries of the twentieth century-a major copper and zinc deposit near Timmins, Ontario, found by means of geophysical exploration and exploratory drilling. Unusual market activity prior to this announcement prompted a Securities Exchange Commission (SEC) investigation of insider stock transactions. In April 1965, the SEC brought suit against a group of Texas Gulf insiders, alleging that their purchase of stock on national exchanges before the disclosure of the information concerning the Timmins strike constituted a violation of section 10(b) of the Securities Exchange Act …

Seller's Damages Following Resale Under Article Two Of The Uniform Commercial Code, Robert J. Nordstrom

Michigan Law Review

The seller's right to resell contracted-for goods following a breach by the buyer is set forth in section 2-706 of the Uniform Commercial Code (Code). That section also contains a statement of the conditions placed upon the exercise of that right and provides the measure of recovery if the resale is made "in good faith and in a commercially reasonable manner":

[T]he seller may recover the difference between the resale price and the contract price together with any incidental damages allowed under the provisions of this Article (Section 2-710), but less expenses saved in consequence of the buyer's breach.

In …

The Economic Treatment Of Automobile Injuries, Alfred F. Conard

Michigan Law Review

The automobile has changed more than Americans' ways of transportation. It has changed their ways of housing, of working and playing, of eating, living, and loving. It has also added to their ways of suffering and dying.

The suffering and dying have called forth two kinds of treatment. The better recognized kind is medical treatment, which staves off death and minimizes pain and disability among the living. The less recognized kind of treatment is economic-the restoration to the injury victim or to his dependents of some part of the economic wellbeing that has been snatched away from them by loss …

The Casual Relation Issue In Negligence Law, Leon Green

Michigan Law Review

Two significant legal studies of "Causation"-one English, one American-have been recently published. The English book brings to the subject more scholarly learning and a more comprehensive examination of its literature than any other book that has been written. The authors are devoted disciples of causation principles and make a stout defense of the causation concept as the structural core of negligence law. They examine the philosophical, common sense and semantic backgrounds of causal concepts as the basis of legal liability, find that they have merit, and launch extended, and sometimes devastating, attack upon theories that question their adequacy, though in …

A General Theory For Measuring Seller's Damages For Total Breach Of Contract, Robert J. Harris

Michigan Law Review

This article is concerned with the legal rules which should govern the process of valuing what plaintiff saved by exercising his power to stop further performance upon notice of defendant's serious breach. Where plaintiff is a "buyer" (whether he buys land, services, personality, or the temporary use of some kind of property), and he was to pay the price in dollars, few difficulties arise in valuing his saved performance. But if he was a "seller" of any of those commodities, valuation is hard. Thus our inquiry is chiefly concerned with cases in which plaintiff is a "seller," not a "buyer."

Insurance Law - Recovery - Action For Wrongful Refusal To Settle Claim Precluded By Bankruptcy Of Insured, James A. Mcdermott

Michigan Law Review

The plaintiff, as trustee in bankruptcy of the insured, sued the defendant insurer to recover damages resulting from a judgment entered against the insured in a personal injury suit. This judgment subjected the insured to a liability of 89,000 dollars in excess of the 10,000 dollar automobile liability_ coverage carried with the insurer. The insurer, pursuant to its policy, had undertaken the insured's defense and had failed, allegedly in bad faith, to settle the suit for an amount within the limits of its coverage. Before judgment was entered in the personal injury suit the insured was insolvent; six months following …

Specific Performance In France And Germany, John P. Dawson

Michigan Law Review

Edgar Durfee studied long and closely the subject of specific performance. He taught it for many years, wrote about it and planned to ·write more. He conceived it broadly, as he did every subject that ever had his attention, but he had a lively interest in details, including very technical details. Long before others and much more than most, he saw the importance of our remedial system both in shaping law and as a reflection of its larger purposes. All those who learned from him will remember as long as memory lasts the insight he gave and the hidden meanings …

Constitutional Law - Right To A Trial By Jury-Power Of Trial Court To Use Additur, Robert W. Steele S.Ed.

Michigan Law Review

The plaintiff brought suit against two defendants, claiming $56,000 for personal injuries suffered in an accident. Upon return of a jury verdict for the plaintiff in the amount of $3,000, the plaintiff moved for a new trial on the issue of damages. The trial court denied the motion on condition that defendants consent to the entry of a judgment of $9,830.92. Both defendants consented. Plaintiff appealed on the ground that the use of an additur constituted an infringement of his constitutional guarantee of a jury trial. Held/em>, affirmed. Conditioning the denial of a new trial upon the defendant's consent …

Civil Procedure - Judgments - Effect Of Prior "Compromise" Judgment As Collateral Estoppel, Peter H. Hay S.Ed.

Michigan Law Review

In a negligence action for injuries sustained in an automobile accident, one of three successful plaintiffs was granted a new trial because damages awarded her were inadequate. In the new trial the issue of negligence was relitigated over plaintiff's objection that the question of liability was res judicata. The jury found for the defendant and plaintiff appealed. Held, affirmed, one justice dissenting. Although the judgment in favor of the other two plaintiffs in the prior action establishing defendant's liability has become final, this prior judgment is not res judicata. Since the judgment was entered pursuant to a verdict which …

Sales - Contributory Negligence - Use As A Defense In Action For Breach Of Implied Warranty, Thomas S. Erickson

Michigan Law Review

Defendant installed an oil burner in plaintiff's apartment building. The burner failed to function properly and exploded two months after installation. There was no evidence that the furnace was repaired subsequent to the explosion. Plaintiff continued to use the furnace for four years until a second explosion caused considerable damage to the building. Upon inspection, the cause of the explosions was found to be a defective system of heating and piping the oil. Plaintiff brought this action for breach of implied warranty to install the furnace in a good and workmanlike manner and recovered consequential damages. On appeal, held, …

Taxation - Federal Income Tax - Damages For Injury To Business As Return Of Capital Or Income, Eric Bergsten S.Ed.

Michigan Law Review

The taxpayers, owners of two movie theatres, recovered $36,000 in a compromise settlement of a Clayton Act suit against the major distributors and exhibitors. The taxpayers claimed that the amount received was a return of capital. The Commissioner claimed the amount received represented the recovery of lost profits. Held, Commissioner upheld. The evidence presented did not warrant a finding that any part of the sum recovered represented a return of capital. Chalmers Cullins, 24 T.C. 322 (1955).