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Articles 1 - 3 of 3
Full-Text Articles in Law
Parallel Contract, Aditi Bagchi
Parallel Contract, Aditi Bagchi
All Faculty Scholarship
This Article describes a new model of contract. In parallel contract, one party enters into a series of contracts with many similarly situated individuals on background terms that are presumptively identical. Parallel contracts depart from the classical model of contract in two fundamental ways. First, obligations are not robustly dyadic in that they are neither tailored to the two parties to a given agreement nor understood by those parties by way of communications with each other. Second, obligations are not fixed at a discrete moment of contract. Parallel contracts should be interpreted differently than agreements more consistent with the classic …
Instructing Juries On Noneconomic Contract Damages, David A. Hoffman, Alexander Radus
Instructing Juries On Noneconomic Contract Damages, David A. Hoffman, Alexander Radus
All Faculty Scholarship
Gathering pattern contract jury instructions from every State, we examine jurisdictions' treatment of noneconomic damages. While the conventional account holds that there is a uniform preference against awards of noneconomic damages, we find four different approaches in pattern instructions, with only one state explicitly prohibiting juries from considering noneconomic losses. Lay juries have considerably more freedom to award the promisee's noneconomic damages than the hornbooks would have us believe. We substantiate this claim with an online survey experiment asking respondents about a common contract case, and instructing them using the differing pattern forms. We found that subjects routinely awarded more …
United States Sovereign Debt: A Thought Experiment On Default And Restructuring, Charles W. Mooney Jr.
United States Sovereign Debt: A Thought Experiment On Default And Restructuring, Charles W. Mooney Jr.
All Faculty Scholarship
This chapter adopts the working assumption that it is conceivable that at some time in the future it would be in the interest of the United States to restructure its sovereign debt (i.e., to reduce the principal amount). It addresses in particular U.S. Treasury Securities. The chapter first provides an overview of the intermediated, tiered holding system for book-entry Treasuries. For the first time the chapter then explores whether and how—logistically and legally—such a restructuring could be effected. It posits the sort of dire scenario that might make such a restructuring advantageous. It then outlines a novel scheme …