Law Commons^™

Summary Of In Re: Cay Clubs, 130 Nev., 130 Nev. Adv. Op. 92, Adam Wynott

Nevada Supreme Court Summaries

The Court concluded that NRS 87.160(1) may impose partnership liability on a joint venture based on the partnership-by-estoppel doctrine and that the statute may apply to any claim that relies on the doctrine’s element of reasonable reliance. The Court clarified the statute’s meaning, stating that a partnership by estoppel requires (1) consent, manifested expressly or impliedly from the liable party’s conduct; (2) credit, not limited to financial credit, given by one party to the other; (3) and reasonable reliance by one party on the other party’s representation of a partnership or joint venture.

Contract Law Update 2014, Yihan Goh

Research Collection Yong Pung How School Of Law

With the end of 2014 almost upon us, it is apposite to take stock of the more important developments in Singapore contract law in the year. This entry examines four cases that straddle important developments across various fields in contract law, namely, formation, terms, breach and illegality. In each case, it can be seen that the Singapore courts are anxious to consolidate existing law, and to chart new courses where relevant and appropriate.

Coming Up Short: The United States' Second-Best Strategies For Corralling Purely Speculative Derivatives, Timothy E. Lynch

Faculty Works

Purely speculative derivatives (PSDs) are derivatives in which neither counterparty is engaged in hedging. Unless used for entertainment purposes, PSDs are irrational, less-than-zero-sum transactions. Entities that engage in PSDs jeopardize their stakeholders and increase systemic risk. PSDs can also increase moral hazard, be used for regulatory arbitrage, and redirect resources away from efficient allocation of market capital. PSDs should be unenforceable, void for public policy reasons, except where expressly permitted to provide gambling entertainment, enhance price discovery, or increase liquidity for hedgers. In the U.S., however, PSDs are often legal and enforceable, even after the financial crisis of 2008 that …

Corporate Claims Against Director For Paying Bribes On Company's Behalf: Ho Kang Peng V Scintronix (Formerly Ttl Holdings), Wai Yee Wan

Research Collection Yong Pung How School Of Law

Can a company recover the value of the bribe from a director who has paid the bribe, on behalf of the company, to a third party to secure certain benefits for the company, and where it is not alleged that the director had personally benefitted from the bribe? This question raises several complex issues relating to directors’ standard of care, corporate authorisation and corporate illegality, which were considered by the recent decision of the Singapore Court of Appeal in Ho Kang Peng v Scintronix Corp (formerly known as TTL Holdings).

The 3rd Annual Professor Anthony J. Santoro Business Law Lecture Series: The Business Of Law: Disruptions In The Market For Legal Services, Roger Williams University School Of Law

School of Law Conferences, Lectures & Events

No abstract provided.

Summary Of Simmons Self-Storage V. Rib Roof, Inc., 130 Nev. Adv. Op. 57, Kelsey Bernstein

Nevada Supreme Court Summaries

The Court determined two issues: (1) whether a mechanic or materialman must prove either that the materials were only delivered for use or whether the materials were actually used for the property in order to establish a lien on the property; (2) whether a property subject to a lien may still be sold where a surety bond has been posted, or whether the lien judgment should be satisfied from the surety bond.

Section 4: Business, Institute Of Bill Of Rights Law, William & Mary Law School

Supreme Court Preview

No abstract provided.

Default Standards For Non-Absolute Obligation Clauses: Ks Energy V Br Energy Electricity Generation V Woodside Energy, Man Yip, Yihan Goh

Research Collection Yong Pung How School Of Law

A “reasonable endeavours” undertaking, and its variants, are common features of commercial contracts. These clauses might be inserted into agreements to balance the interests of the parties where the achievement of the contractual object involves conditions beyond the obligor’s control, for example, the procurement of a third party’s performance. Equally common is the insertion of these clauses into contracts to resolve a negotiation stalemate where one party refuses to promise the absolute achievement of the contractual objective.

New York Stock Exchange, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of the origins and early development of the New York Stock Exchange.

Restitution Of Mistaken Enrichment Under Section 73 Of Malaysia's Contracts Act 1950: Pouring New Wine Into An Old Bottle?, Alvin W. L. See

Research Collection Yong Pung How School Of Law

This article makes two main suggestions regarding the interpretation of s 73 of Malaysia's Contracts Act 1950, which sets out the right to recover a mistaken enrichment. The first suggestion is that the courts should have regard to the historical background against which the section was enacted, especially because the pre-enactment common law was a historical curiosity. This will dispel certain misconceptions about the nature of the statutory right by shedding light on its supposed affinity with contract and its relationship with the obsolete forms of action and the principle of unjust enrichment. The second suggestion is that the content …

The Essential Role Of Courts For Supporting Innovation, Erin O'Hara O'Connor, Christopher R. Drahozal

Scholarly Publications

Commercial parties commonly resolve their disputes in arbitration rather than courts. In fact, some estimate that as many as 90 percent of international commercial contracts opt for arbitration of future disputes, and others claim that some industries never resort to courts. However, a study of arbitration clauses in a wide variety of contracts, including franchise agreements, CEO employment contracts, technology contracts, joint venture agreements and consumer cell phone contracts, reveals that parties very often carve out a right to resort to courts for the resolution of claims designed to protect information, innovation, and reputation. Studies of international and cross-border contracts …

Tesla And The Car Dealers' Lobby, Daniel A. Crane

Articles

Tesla Motors, the offspring of entrepreneur Elon Musk (who brought us Pay-Pal and SpaceX), is the most exciting automotive development in many decades and a marquee story of American technological dynamism and innovation. The company’s luxury electric cars have caused a sensation in the auto industry, including a review by Consumer Reports calling Tesla’s Model S the best car it ever tested. Despite the acclaim, Tesla faces enormous challenges Despite the acclaim, Tesla faces enormous challenges in penetrating an automotive market that has been dominated for a century by internal combustion engines. Not only must it build cars that customers …

Summary Of Lavi V. Eighth Judicial District Court, 130 Nev. Adv. Op. 38, Danielle Barraza

Nevada Supreme Court Summaries

The Court determined whether waiver of the “one-action rule” of NRS 40.430 terminates the procedural requirements for bringing a deficiency judgment action within six months of foreclosure under NRS 40.455.

Debt-Buyer Lawsuits And Inaccurate Data, Peter A. Holland

Faculty Scholarship

Pursuant to secret purchase and sale agreements (also known as forward flow agreements), the accounts that banks sell to debt buyers are often sold “as is,” with explicit and emphatic disclaimers that the debts may not be owed, the amounts claimed may not be accurate, and documentation may be missing. Despite their full knowledge that the accuracy and completeness of the data has been specifically disclaimed by the bank, when they sue consumers, debt buyers tell courts that the information obtained from the bank is inherently reliable and accurate. In order to avoid a fraud on the courts, the contents …

The Law Of Guarantees: Balancing The Interests Of The Parties, John Phillips, Michelle Chen

2013 Jones Day Professorship of Commercial Law Lecture

The guarantor has often been viewed as being in a vulnerable position, deserving of the law's protection. Certainly there need to be legal mechanisms to protect the guarantor’s interests. But this presentation also argues that some aspects of the law of guarantees, as well as some relevant contractual principles, operate unfairly against the interests of lenders and others who seek to enforce a contract of guarantee. An analysis will be made of some of the defences that may be raised by guarantors, for example, as a result of circumstances surrounding the execution of the guarantee, or upon a restructuring arrangement. …

Justice Deferred Is Justice Denied: We Must End Our Failed Experiment In Deferring Corporate Criminal Prosecutions, Peter Reilly

Faculty Scholarship

According to the U.S. Department of Justice (“DOJ”), deferred prosecution agreements are said to occupy an “important middle ground” between declining to prosecute on the one hand, and trials or guilty pleas on the other. A top DOJ official has declared that, over the last decade, the agreements have become a “mainstay” of white collar criminal law enforcement; a prominent criminal law professor calls their increased use part of the “biggest change in corporate law enforcement policy in the last ten years.”

However, despite deferred prosecution’s apparent rise in popularity among law enforcement officials, the article sets forth the argument …

Summary Of Dtj Design V. First Republic Bank, 130 Nev. Adv. Op. 5, Laura Guidry

Nevada Supreme Court Summaries

The Court determined one issue: whether NRS 623.349(2) and NRS 623.357 mandate a foreign architectural firm be registered in Nevada in order to bring or maintain an action in Nevada.

Judicial Inactivitism In Protecting Financial Consumer Against Predatory Sale Of Retail Structured Products: A Reflection From Retail Structured Notes Lawsuits In Taiwan, Chao-Hung Chen

Research Collection Yong Pung How School Of Law

This article analyzes 310 structured note lawsuits in Taiwan between 2000 and 2013 to examine courts’ attitude in dealing with claims of misselling retail structured notes. We find that courts were generally not favorable to retail investors. This provides a contrast with the financial regulator’s efforts to improve financial consumer protection since 2008. By examining plaintiffs’ key arguments and courts’ rulings, we find that it was difficult for investors to fulfill their burden of proof and courts were reluctant to award remedies when investors did sign on a contractual document confirming his knowledge on a few matters. While regulators are …

Boon Or Bane: Business And The Anti-Cybercrime Law, Atty. James Keith C. Heffron

Center for Business Research and Development

“The Internet is the first thing that humanity has built that humanity doesn't understand, the largest experiment in anarchy that we have ever had.” – Eric Schmidt, Executive Chairman, Google.

Municipal Attorneys Can Find Answers In The Newly Released Third Edition Of Commercial Litigation In New York State Courts, Patricia E. Salkin

Scholarly Works

This article contains a book review of the newest edition of Commercial Litigation in New York State Courts (West), edited by former New York County Lawyers President Robert Haig of Kelley Drye & Warren LLP. The author of this book review details why this treatise is an invaluable addition, not for the library shelf, but for prime desk space on the busy working lawyer’s desk. The author further notes that while the most recent edition of the treatise has been widely reviewed statewide, prior to this book review there has been little, if any, attention to the value of the …

Remic Tax Enforcement As Financial-Market Regulator, Bradley T. Borden, David J. Reiss

Faculty Scholarship

No abstract provided.

Bitcoin Financial Regulation: Securities, Derivatives, Prediction Markets, And Gambling, Jerry Brito, Houman B. Shadab, Andrea Castillo

Articles & Chapters

The next major wave of Bitcoin regulation will likely be aimed at financial instruments, including securities and derivatives, as well as prediction markets and even gambling. While there are many easily regulated intermediaries when it comes to traditional securities and derivatives, emerging bitcoin denominated instruments rely much less on traditional intermediaries such as banks and securities exchanges. Additionally, the block chain technology that Bitcoin introduced for the first time makes completely decentralized markets and exchanges possible, thus eliminating the need for intermediaries in complex financial transactions. In this Article we survey the type of financial instruments and transactions that will …

Ice Cube Bonds: Allocating The Price Of Process In Chapter 11 Bankruptcy, Edward J. Janger, M. B. Jacoby

Faculty Scholarship

No abstract provided.

Dodd-Frank's Conflict Minerals Rule: The Tin Ear Of Government-Business Regulation, Henry Lowenstein

Marketing and Hospitality, Resort and Tourism Management

This paper examines an unusual provision included in the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010), Section 1502 known as the Conflict Minerals Rule. This provision, having nothing to do with the subject matter of the act itself, attempts to place a chilling effect on the trade of four identified minerals from the Democratic Republic of Congo. The provision and its subsequent rule, surprisingly delegated to the U.S. Securities and Exchange Commission (an agency lacking subject matter expertise in minerals) presents a case and object lesson of almost every cost, procedural and legal error that can take place …

A New Crime For Corporate Misconduct?, Peter J. Henning

Law Faculty Research Publications

No abstract provided.

The Compensation Myth And U.C.C. Section 2-713, David Frisch

Law Faculty Publications

This article seeks to bring greater discipline to the analysis of market damages by probing two basic assumptions that are routinely made in discussions of section 2-713: (1) that overcompensation concerns justify judicial interference with the buyer's choice of remedy; and (2) that the relevant market price, in all cases, is the market price that the aggrieved buyer would be required to pay if she wished to make a substitute purchase of goods elsewhere.

Shareholder Cultivation And New Governance, Tamara Belinfanti

Articles & Chapters

Several formal proposals have been made to address shareholder short-termism and speculative behavior. These include the imposition of a financial transaction tax, changes to the U.S. capital gains tax rate, and the adoption of an Investor Stewardship Code in the United Kingdom. This Article reverses the focus from top-down solutions and instead, focuses on bottom-up grass root solutions that corporations can employ, and in some cases do already employ to achieve substantially the same effect of rewarding certain types of shareholder behavior while discouraging others — a process I refer to as "Shareholder Cultivation." While many of the techniques and …

The Cape Town Convention’S Improbable-But-Possible Progeny Part One: An International Secured Transactions Registry Of General Application, Charles W. Mooney Jr.

All Faculty Scholarship

This essay is Part One of a two-part essay series. It outlines and evaluates two possible future international instruments. Each instrument draws substantial inspiration from the Cape Town Convention and its Aircraft Protocol (together, the “Convention”). The Convention governs the secured financing and leasing of large commercial aircraft, aircraft engines, and helicopters. It entered into force in 2006. It has been adopted by sixty Contracting States (fifty-four of which have adopted the Aircraft Protocol), including the U.S., China, the E.U., India, Ireland, Luxembourg, Russia, and South Africa.

A novel, distinctive, and path-breaking feature of the Convention is the international registry …

Foreign Investments And The Market For Law, Erin O'Hara O'Connor, Susan D. Franck

Scholarly Publications

In this Article, Professors O’Hara O’Connor and Franck adapt and extend Larry Ribstein’s positive framework for analyzing the role of jurisdictional competition in the law market. Specifically, the authors provide an institutional framework focused on interest group representation that can be used to balance the tensions underlying foreign investment law, including the desire to compete to attract investments and countervailing preferences to retain domestic policymaking discretion. The framework has implications for the respective roles of BITs and investment contracts as well as the inclusion and interpretation of various foreign investment provisions.

Civil Consequences Of Corruption In International Commercial Contracts, Padideh Ala'i

Articles in Law Reviews & Other Academic Journals

The United States legal system seeks to prevent and prohibit bribery and corruption through a myriad of laws, regulations and policies. Anti-corruption jurisprudence is more developed in the context of public sector contracts where the United States criminalizes bribery of public officials through 18 U.S.C. §201 (Bribery of Public Officials and Witnesses). In addition, the United States was the first country to criminalize bribery of foreign government officials in 1977 with the passage of the Foreign Corrupt Practices Act (FCPA). The FCPA has since been amended to comply with the adoption of the OECD Convention on Combating Bribery of Foreign …