Business Organizations Law Commons^™

The Irrational Actor In The Ceo Suite: Implications For Corporate Governance, Renee M. Jones

Renee Jones

This Article challenges corporate governance theorists’ standard assumptions regarding the rationality of business leaders. It reviews scholarly research that documents the presence of irrational actors among senior corporate managers and considers the impact these executives might have on corporations and society. The Article focuses analysis on psychological literature that explores why risk-related decision-making often goes wrong.

Research shows that many individuals have a dysfunctional approach to risk that leads them to engage in self-destructive conduct. A non-trivial number of individuals with problematic personality traits work at high levels of major corporations where they have the capacity to cause significant harm. …

203 N. Lasalle Five Years Later: Answers To The Open Questions, 38 J. Marshall L. Rev. 61 (2004), Paul B. Lewis

Paul Lewis

No abstract provided.

Stiffing The Arbitrators: The Problem Of Nonpayment In Commercial Arbitration, Brian Farkas, Neal M. Eiseman

Brian Farkas

Commercial arbitration is a creature of contract; the parties are there because they choose to be, either including an arbitration clause in their written agreement or, after a dispute developed, electing to avoid litigation all together. Arbitration also comes with an up-front cost non-existent in litigation: the arbitrators. Taxpayers pay for their state and federal judges, but the parties themselves pay for their arbitrators. But what happens if one party refuses (or is otherwise unable) to pay the arbitrator? If the arbitrator then refuses to proceed, as is likely, should the dispute revert to court, in derogation of the prior …

The Rise And Rise Of The One Percent: Getting To Thomas Piketty's Wealth Dystopia, Shi-Ling Hsu

Shi-Ling Hsu

Thomas Piketty's Capital in the Twenty-first Century, which is surely one of the very few economics treatises ever to be a best-seller, has parachuted into an intensely emotional and deeply divisive American debate: the problem of inequality in the United States. Piketty's core argument is that throughout history, the rate of return on private capital has usually exceeded the rate of economic growth, expressed by Piketty as the relation r > g. If true, this relation means that the wealthy class – who are the predominant owners of capital – will grow their wealth faster than economies grow, which …

The Evolution Of The Digital Millennium Copyright Act; Changing Interpretations Of The Dmca And Future Implications For Copyright Holders, Hillary A. Henderson

Hillary A Henderson

Copyright law rewards an artificial monopoly to individual authors for their creations. This reward is based on the belief that, by granting authors the exclusive right to reproduce their works, they receive an incentive and means to create, which in turn advances the welfare of the general public by “promoting the progress of science and useful arts.” Copyright protection subsists . . . in original works of authorship fixed in any tangible medium of expression, now known or later developed, from which they can be perceived, reproduced, or otherwise communicated, either directly or with the aid of a machine or …

Directors’ Legal Duties And Csr: Prohibited, Permitted Or Prescribed In Contemporary Corporate Law?, Benedict Sheehy, Donald Feaver

Benedict Sheehy

Abstract: The interaction between CSR obligations and directors’ legal duties is seriously under examined. This article addresses that lack by examining directors’ duties in case law and legislation across the major commonwealth countries and the USA. It provides an analysis of leading cases and examines how they deal with the issues of the shareholder primacy doctrine, corporate legal theory, CSR and directors’ duties. The article reviews fiduciary relations and duties, analyses the directors’ duties to exercise power in the best interests of the company as a whole and for proper purposes. As this area of law is highly contested there …

Corporate Social Responsibility In A Remedy-Seeking Society: A Public Choice Perspective, Donald J. Kochan

Donald J. Kochan

Written for the Chapman Law Review Symposium on “What Can Law & Economics Teach Us About the Corporate Social Responsibility Debate?,” this Article applies the lessons of public choice theory to examine corporate social responsibility. The Article adopts a broad definition of corporate social responsibility activism to include both (1) those efforts that seek to convince corporations to voluntarily take into account corporate social responsibility in their own decision-making, and (2) the efforts to alter the legal landscape and expand legal obligations of corporations beyond traditional notions of harm and duty so as to force corporations to invest in interests …

Corporate Governance Reform In A Time Of Crisis, Christopher M. Bruner

Christopher M. Bruner

In this article I argue that crisis-driven corporate governance reform efforts in the United States and the United Kingdom that aim to empower shareholders are misguided, and offer an explanation of why policymakers in each country have reacted to the financial crisis as they have. I first discuss the risk incentives of shareholders and managers in financial firms, and examine how excessive leverage and risk-taking in pursuit of short-term returns for shareholders led to the crisis. I then describe the far greater power and centrality that U.K. shareholders have historically possessed relative to their U.S. counterparts, and explore historical and …

Good Faith In Revlon-Land, Christopher M. Bruner

Christopher M. Bruner

The Delaware Supreme Court has set a very high hurdle for plaintiffs challenging directors' good faith in the sale of a company. In Lyondell Chemical Company v. Ryan, the court held that unconflicted directors could be found to have breached the good faith component of their duty of loyalty in the transactional context only if they "knowingly and completely failed to undertake," and "utterly failed to attempt" to discharge their duties. In this essay I argue that the Lyondell standard effectively imports into the transactional context the exacting standard previously applied in the oversight context — a move clearly aimed …

Reassessing Corporate Personhood In The Wake Of Occupy Wall Street, Nick J. Sciullo

Nick J. Sciullo

This article is about corporate personhood, discussed on the backdrop of class consciousness and criticisms of capital generated, in large part, by the recent and continuing Occupy Movements. I am at first concerned with articulating the evolving jurisprudence of corporate personhood as developed in the Supreme Court of the United States. Combined with this doctrinal approach, I offer a Marxist criticism of corporate personhood jurisprudence that culminates in a discussion of the Occupy Movements' logic of resistance to corporate domination in the United States' law and policy. First, I discuss the role Marxist criticism has played in legal discourse and …

Judicial Review Of Administrative Action/ Decision As The Primary Vehicle For Constitutionalism: Law And Procedures In Tanzania, Daudi Mwita Nyamaka Mr.

Daudi Mwita Nyamaka Mr.

This paper examines the discretionary powers of the High Court of Tanzania to review decisions and actions of other public bodies as a means to uphold the spirit of the Constitution on checks and balances between the three organs of the state. The writer examines the procedures for judicial review, the legal and procedural requirements and the remedies available under the laws of Tanzania, however, the writer further examines experiences from other countries particularly from case laws.

Historia, Maendeleo Na Mabadiliko Ya Katiba Tanzania Tangu Uhuru Hadi Miaka Hamsini Ya Uhuru 9 Desemba 2011., Daudi Mwita Nyamaka Mr.

Daudi Mwita Nyamaka Mr.

Jamhuri ya Muungano wa Tanzania ni nchi iliyotokana na nchi mbili za Tanganyika na Zanzibari mwaka 1964, tangu uhuru wa Tanganyika 1961 na uhuru wa Zanzibari 1963 pamekuwapo na maendeleo ya kikatiba kwa upande wa Muungano na kwa Zanzibari ambayo hatuna budi kuyatazama kwa mapana yake hasa juu ya ushirikishwaji wa watu katika kuzipata katiba hizi.

Electronic Contracts In Tanzania: An Appraisal Of The Legal Framework, Daudi Mwita Nyamaka Mr.

Daudi Mwita Nyamaka Mr.

The concern of our study was to examine the legal basis for electronic contracts in Tanzania. The major problems that were being examined are; the ascertainment of e-contract terms and the other party in the contract with the focus to consent i.e. consensus ad idem requirements and capacity to contract. With the first problem, e-commerce involves e-contracts and the business community in Tanzania enters into contractual arrangements with external world via websites or email in which case the electronic environment is not suitable in Tanzania in terms of the laws and the technology. Messages sent via internet may be garbled …

Fiduciary Relationships Are Not Contracts, Scott Fitzgibbon

Scott T. FitzGibbon

No abstract provided.

Legal Mechanization Of Corporate Social Responsibility Through Alien Tort Statute Litigation: A Response To Professor Branson With Some Supplemental Thoughts, Donald J. Kochan

Donald J. Kochan

This Response argues that as ATS jurisprudence “matures” or becomes more sophisticated, the legitimate limits of the law regress. The further expansion within the corporate defendant pool – attempting to pin liability on parent, great grandparent corporations and up to the top – raises the stakes and complexity of ATS litigation. The corporate social responsibility discussion raises three principal issues about how a moral corporation lives its life: how a corporation chooses its self-interest versus the interests of others, when and how it should help others if control decisions may harm the shareholder owners, and how far the corporation must …

Social Contract Theory Of John Locke (1932-1704) In The Contemporary World, Daudi Mwita Nyamaka Mr.

Daudi Mwita Nyamaka Mr.

The 17th century period was marked by an attempt to erect effective safeguard against violations of natural law by governments. Law in this period was conceptualized as an instrument for the prevention of autocracy and despotism. Absolutism in Europe that was associated with governmental encroachments necessitated a strong shield of individual liberty. In this period legal theory placed the main emphasis on liberty, thus the law was to render governments capable of functioning as a guarantor of individual rights. This paper aims at examining the social contract theory of the 17th-century English philosopher, John Locke, its parameters, limitations and its …

El Derecho De Sucesiones Se Debe Atemperar A Los Cambios De La Sociedad Del Siglo Xxi, Edward Ivan Cueva

Edward Ivan Cueva

No abstract provided.

Collective Choice, Justin Schwartz

Justin Schwartz

This short nontechnical article reviews the Arrow Impossibility Theorem and its implications for rational democratic decisionmaking. In the 1950s, economist Kenneth J. Arrow proved that no method for producing a unique social choice involving at least three choices and three actors could satisfy four seemingly obvious constraints that are practically constitutive of democratic decisionmaking. Any such method must violate such a constraint and risks leading to disturbingly irrational results such and Condorcet cycling. I explain the theorem in plain, nonmathematical language, and discuss the history, range, and prospects of avoiding what seems like a fundamental theoretical challenge to the possibility …

Requirements Of A Valid Islamic Marriage Vis-À-Vis Requirements Of A Valid Customary Marriage In Nigeria, Olanike Sekinat Odewale Mrs

Olanike Sekinat Adelakun

The Hypocrisy Of The Acquiescence Canon, Blair C. Warner

Blair C Warner

The Court applies the acquiescence canon to infer that an agency or judicial statutory interpretation is correct when followed by Congressional inaction. This Article will argue that this practice is based on a number of faulty assumptions. Moreover, the canon is applied inconsistently and creates perverse incentives for the legislature. The Article will then explore the Court’s guidance to lower courts against deriving similar inferences from the denial of certiorari, a similar form of inaction. Drawing parallels between Congress and the Court, and noting the many reasons why conclusions should not be drawn from apparent inactivity, this Article will conclude …

Pearson, Iqbal, And Procedural Judicial Activism, Goutam U. Jois

Goutam U Jois

In its most recent term, the Supreme Court decided Pearson v. Callahan and Ashcroft v. Iqbal, two cases that, even at this early date, can safely be called “game-changers.” What is fairly well known is that Iqbal and Pearson, on their own terms, will hurt civil rights plaintiffs. A point that has not been explored is how the interaction between Iqbal and Pearson will also hurt civil rights plaintiffs. First, the cases threaten to catch plaintiffs on the horns of a dilemma: Iqbal says, in effect, that greater detail is required to get allegations past the motion to dismiss stage. …

"That Man Is You!" The Juristic Person And Faithful Love, Scott T. Fitzgibbon

Scott T. FitzGibbon

No abstract provided.

Devilry, Complicity, And Greed: Transitional Justice And Odious Debt, David C. Gray

David C. Gray

The doctrine of odious debts came into its full in the eighteenth and early nineteenth century to deal with the financial injustices of colonialism and its stalking horse, despotism. The basic rule, as articulated by Alexander Sack in 1927, is that debts incurred by an illegitimate regime that neither benefit nor have the consent of the people of a territory are personal to the regime and are subject to unilateral recision by a successor government. While the traditional doctrine focused on the nature and circumstances of individual debts, it has been expanded in recent years, moving the focus from the …

The Legal And Practical Aspects Of Atm's In Tanzania, Daudi Mwita Nyamaka Mr.

Daudi Mwita Nyamaka Mr.

The concern of our study was to examine the legal and practical aspects of ATMs in Tanzania. The major problems that were being examined are; the 24 hours operation on ATMs vis-à-vis system failure or error and the system of one bank allowing cardholders of another bank to use its ATMs. With the first problem, all banks in Tanzania with ATMs have attractive advertisements to customers that affirm sufficient services in any time of the day but in reality, the machines usually fail to respond the instructions of the cardholder regardless the fact that the cardholder inserts the card and …

Inheritance Law, Marcis Liors Skadmanis

Marcis Liors Skadmanis Mr.

Latvia's inheritance laws affect everyone who owns property in Latvia. The main laws are: The Constitution of the Republic of Latvia, Civil Law, Notary law; Civil Procedure Law; Law On Orphan's Courts; Land Register Law and Immigration Law and acts of the Cabinet of Ministers.

La Cesión De Derechos En El Código Civil Peruano, Edward Ivan Cueva

Edward Ivan Cueva

La Cesión de Derechos en el Código Civil Peruano

Algunos Apuntes En Torno A La Prescripción Extintiva Y La Caducidad, Edward Ivan Cueva

Edward Ivan Cueva

No abstract provided.

The Seduction Of Lydia Bennet: Toward A General Theory Of Society, Marriage, And The Family, Scott T. Fitzgibbon

Scott T. FitzGibbon

This article sketches the foundation for a general theory of society. Rejecting portrayals that make society a field of exploitation and dominance, it proposes instead an account that locates the foundation of society in its service of certain basic goods. Society is a kind of friendship. It is to be defined based on the goods of friendship and the projects that serve those goods. Its elements, including those of obligation, office, shame, and rehabilitation, further those goods. The society that emerges from this account is a "society of life." This article also proposes the concept of "components of society," reflecting …

What Is The Sound Of A Corporation Speaking? How The Cognitive Theory Of Metaphor Can Help Lawyers Shape The Law, Linda L. Berger

Linda L. Berger

No abstract provided.

Marriage And The Ethics Of Office, Scott T. Fitzgibbon

Scott T. FitzGibbon

This Article alms to retrieve the neglected concept of the "office," as in "the judicial office" or "corporate officer" or the"office of deacon or lector." It aims to present a thorough account of what that term means. It inquires into the ethics of office, advancing the thesis that to hold and exercise office is a good thing, not only in the obvious instrumental ways-it serves a function and it gets results-but also as a part of the "final," non instrumental good of the officeholder and even, in some arrangements, of the recipient of the officeholder's services. Office is an aspect …