Digital Commons Network^™

An Economic Analysis Of The Guaranty Contract, Avery W. Katz

Faculty Scholarship

Guaranty arrangements, in which one person stands as surety for a second person's obligation to a third, are ubiquitous in commercial transactions and in commercial law. In recent years, however, scholarly attention to the topic has been scant; and no one has systematically analyzed this body of law and practice from an economic policy perspective. Accordingly, this Article attempts to outline the basic economic logic underlying the guaranty relationship, and applies the results to a variety of specific issues in government policy and private planning. It poses and answers three main questions: First, why would a creditor prefer to make …

Reforming Social Security: A Practical And Workable System Of Personal Retirement Accounts, Fred T. Goldberg, Michael J. Graetz

Faculty Scholarship

This paper details a method for implementing personal retirement accounts (PRAs) as a part of Social Security reform. The approach described here answers the following questions: how funds are collected and credited to each participants' retirement account; how money is invested; and how funds are distributed to retirees. It is designed to accommodate a variety of answers to a wide range of important policy questions; to minimize administrative costs and distribute those costs in a fair and reasonable way; to minimize the burden on employers, especially small employees who do not now maintain a qualified retirement plan; and to meet …

Social Implications Of Genetic Testing, Karen H. Rothenberg

Faculty Scholarship

This paper examines the social implications of predictive genetic testing and its impact on the insurance industry. Although the Human Genome Project has the potential to improve the health of our nation, it also may serve as a means of highlighting genetic differences among individuals and ethnic groups. Thus, if we are to reach the full promise of the Project, society must address the public's fears of genetic discrimination in insurance and employment context. Following an analysis of state and federal legislation on genetic privacy and discrimination, the paper concludes with a challenge to the insurance industry to work with …

The Social Meaning Of Shareholder Suits, James D. Cox

Faculty Scholarship

No abstract provided.

Sen And The Hart Of Jurisprudence: A Critique Of The Economic Analysis Of Judicial Behavior, Neil S. Siegel

Faculty Scholarship

This Comment argues that economic analysis provides an inadequate account of judicial behavior because economic models are incompatible with a jurisprudence that recognizes basic rule-of-law values. Whereas standard economic theory is committed to thinking of a judge as exclusively self-interested, two fundamental problems with this conception exist. First, as application of Amariya Sen's critique of the behavioral foundations of economic theory to judicial behavior reveals, the decision of a judge who meets her judicial obligations may fail to maximize her self-interest. Second, even if the self-interest-maximizing decision coincides with the behavior that her judicial obligations require; economic models still fail …

The Suitability Rule, Investor Diversification, And Using Spread To Measure Risk, Richard A. Booth Marbury Research Professor Of Law

Faculty Scholarship

This article reviews the state of the law regarding actions against broker-dealers based on the NASD suitability rule and similar theories, summarizes the theory and practice of investor diversification, explains the motivations that may lead a broker to recommend excessively risky securities and investment strategies, and discusses the various methods that may be used to quantify or compare risk, focusing in particular on how the bid-ask spread may be used as a forward-looking surrogate for the direct measurement of risk.

The Social Implications Of The Use Of Stored Tissue Samples: Context, Control, And Community, Karen H. Rothenberg

Faculty Scholarship

No abstract provided.

Face-Ing The Other: An Ethics Of Encounter And Solidarity In Legal Services Practice, Marie Failinger

Faculty Scholarship

In this article, the author proposes that those who work in any capacity with impoverished clients and embattled minority communities imagine practice from within Levinas' key images. First, that ethics is first philosophy - that knowledge of the self, the Other and the context in which ethical action is possible does not precede ethical understanding, decision-making and action, but that rather that we become human in the ethical encounter with the incommensurable Other. Second, that representing a client is in each moment an encounter with the face of the Other. We look up into the face of the Other calling …

Why Start-Ups?, Joseph Bankman, Ronald J. Gilson

Faculty Scholarship

The prototypical start-up involves an employee leaving her job with an idea and selling a portion of that idea to a venture capitalist. In many respects, however, the idea should be worth more to the former employer. The former employer can be expected to have better information concerning the employee-entrepreneur and the technology, have opportunities to capture economies of scale and scope not available to a venture capital-backed start-up, and will receive more favorable tax treatment than the start-up should the innovation fail. In connection with an auction of the idea, the former employer should have both a more accurate …

International Secured Transactions And Revised Ucc Articles 9, Neil B. Cohen, Edwin E. Smith

Faculty Scholarship

No abstract provided.

Regionalism And The Religion Clauses: The Contribution Of Fisher Ames, Marc Arkin

Faculty Scholarship

On August 20, 1789, Massachusetts Federalist Fisher Ames rose to address the House of Representatives in one of his rare contributions to the debate on the Bill of Rights. 1 The day before, sitting as a Committee of the Whole, the House had concluded its brief discussion of the proposed religion amendment to the federal Constitution by agreeing to New Hampshire Representative Samuel Livermore's formula that "Congress shall make no laws touching religion, or infringing the rights of conscience." 2 Now, on the 20th, before the House could formally adopt Livermore's language, Representative Ames proposed a different wording. He moved …

Taking Future Claims Seriously: Future Claims And Successor Liability In Bankruptcy, Frederick Tung

Faculty Scholarship

Treatment of contingent tort liabilities when a business is sold presents a particular challenge for corporate and bankruptcy law. In this article, I focus on the precarious position of future tort claimants-those who may be harmed by a manufacturer's defective product after the manufacturer has sold its business and disappeared. By the time the future claimant's injury occurs, she may be left with no means of recovery. While the article focuses primarily on the bankruptcy sale context, a discussion of the nonbankruptcy context provides important background.

In the article, I make two claims. First, I address recent proposals suggesting that …

Stem Cell Politics, Ethics And Medical Progress, George J. Annas, Arthur Caplan, Sherman Elias

Faculty Scholarship

Controversy over how to fund and regulate stem cell research continues in the US and is unlikely to be resolved anytime soon. The National Institutes of Health (NIH) has announced that it is prepared to fund stem cell research under yet-to-be-specified guidelines. The National Bioethics Advisory Commission (NBAC) issued a report on stem cells in mid-September, recommending that Congress change the law to permit the derivation and use of stem cells from embryos no longer needed for reproduction purposes that are stored at in vitro fertilization (IVF) clinics. The NBAC also recommended that the Department of Health and Human Services …

Waste And Longing: The Legal Status Of Placental Blood Banking, George J. Annas

Faculty Scholarship

Waste is not always what it seems. In his Cold War novel Underworld, for example, Don DeLillo explores the multifaceted qualities of waste. “Waste,” he notes, “is the secret history, the underhistory, the way archaeologists dig out the history of early cultures, every sort of bone and broken tool, literally from under the ground.”1 And waste can also be transformed into money:

They are trading garbage in the commodity pits in Chicago. They are making synthetic feces in Dallas. You can sell your testicles to a firm in Russia that will give you four thousand dollars and then remove …

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Digital Technology And Copyright: A Threat Or A Promise - Introduction, Michael J. Meurer

Faculty Scholarship

On November 14, 1998, Franklin Pierce Law Center (FPLC), in cooperation with the Kenneth J. Germeshausen Center for the Law of Innovation and Entrepreneurship and the PTC Research Foundation, both of which are headquartered at FPLC, held its Seventh Biennial Intellectual Property System Major Problems Conference. While noteworthy for a broadening in scope over previous conferences - from "patent system major problems" to "intellectual property system major problems" - the seventh biennial conference continues a tradition of scholarship and discussion begun in 1987 by former FPLC professor Homer O. Blair.

The discussions in Professor Blair's inaugural major problems conference focused …

Regulating Risk In A Managed Care Environment: Theory Vs. Practice, The Minnesota Experience, Barbara Colombo, Robert P. Webber

Faculty Scholarship

The purpose of this Article is to illustrate the challenges state regulators face when attempting to translate theory into practice in the context of health care risk regulation. Section I reviews the evolution of the risk-bearing market in health care, recognizing that while risk is an inherent part of everyday life, it takes on a delicate meaning when used in the context of health care. Cost and demographic data will be discussed to provide a compelling rationale for the ongoing forceful movement toward cost containment strategies embodied in managed care strategies, as well as the need to develop the next …

Can The Legal System Use Experts On Meaning?, Lawrence Solan

Faculty Scholarship

No abstract provided.

The Trouble With Robertson: Equal Protection, The Separation Of Powers And The Line Between Statutory Amendment And Statutory Interpretation, William D. Araiza

Faculty Scholarship

No abstract provided.

The Contribution Of The Fund Profile To Investor Education, James A. Fanto

Faculty Scholarship

No abstract provided.

Buckley V. Valeo: A Landmark Of Political Freedom, Joel Gora

Faculty Scholarship

No abstract provided.

Utah's Grand Staircase: The Right Path To Wilderness Preservation?, James R. Rasband

Faculty Scholarship

No abstract provided.

The New-Tort Centrifuge, Anita Bernstein

Faculty Scholarship

No abstract provided.

What Europe, Japan And Other Countries Can Learn From The New American Restatement Of Products Liability, Aaron Twerski, J. A. Henderson

Faculty Scholarship

No abstract provided.

The Public Trust Doctrine: A Tragedy Of The Common Law, James R. Rasband

Faculty Scholarship

No abstract provided.

The Universal Declaration Of Human Rights At 50 And The Challenge Of Global Markets: Themes And Variations, Samuel K. Murumba

Faculty Scholarship

No abstract provided.

A Tale Of Two Proteins, Robert A. Bohrer

Faculty Scholarship

In this article we examine the Orphan Drug Act and one of the most important incentives it provides for the development of new drugs for rare diseases, a seven-year period of market exclusivity for new orphan drugs. The FDA has had difficulty interpreting the market exclusivity provisions of the Orphan Drug Act since its enactment. The continuing uncertainties about the scope of protection that the Act provides for innovative products threaten the basic purposes of the Act. The FDA's recent interpretation of the Act raises numerous questions: Should market protection from the Orphan Drug Act depend on the physical and …

Intermediate Sanctions: Controlling The Tax-Exempt Organization Manager, Alex Ritchie

Faculty Scholarship

On August 4, 1988, the Department of the Treasury issued proposed intermediate sanctions regulations that allow the Internal Revenue Service to impose significant excise taxes on executives of tax-exempt organizations who receive compensation in excess of reasonable compensation or in excess of amounts that would ordinarily be paid for like services by like enterprises. Exempt organization theory holds that government provides a tax exemption to further social goals, but those goals are frustrated when management has conflicting incentives. In a for-profit entity, management and firm owners have conflicting goals when control is separated from ownership, but in a tax-exempt entity, …

Testimony, Antoinette M. Sedillo Lopez

Faculty Scholarship

No abstract provided.

City Of Boerne V. Flores: Religious Free Exercise Pays A High Price For The Supreme Court's Retaliation On Congress, Elizabeth Trujillo

Faculty Scholarship

The First Amendment of the United States Constitution, made applicable to the states through the Fourteenth Amendment, protects a person's right to the free exercise of religion. This protection, however, fails to provide a framework with which to reconcile the freedom of religious conduct with the need for government to regulate conduct. All three branches of government, as created in the Constitution, create and refine this framework. Traditionally, the judiciary has been the final interpreter of the Constitution and, in this capacity, has defined the powers of the other branches of government. For example, the Supreme Court has interpreted Congress's …

Arbitration And Beyond: Avoiding Pitfalls In Drafting Dispute Resolution Clauses In Employment Contracts, Nancy A. Welsh

Faculty Scholarship

Article Extract:

You've just helped a mid-sized company, Allwell Corp., to reach a settlement in an action brought by a disgruntled former employee. The CEO turns to you and says, "Even though I still believe that we didn't do anything wrong, I'm glad this lawsuit is over. I can't believe how much money and time we've wasted in defending ourselves. Now, how can we keep this from happening in the future? I've been reading about companies putting arbitration clauses in all kinds of contracts. I want to know whether we can require our employees to arbitrate and maybe even require …