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Commercial Law

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Full-Text Articles in Law

Emerging Technology's Unfamiliarity With Commercial Law, Carla L. Reyes Jan 2024

Emerging Technology's Unfamiliarity With Commercial Law, Carla L. Reyes

Faculty Journal Articles and Book Chapters

Over the course of a three-year, collaborative process that was open to the public, the Uniform Law Commission (ULC) and the American Law Institute (ALI) undertook a project to revise the Uniform Commercial Code (UCC) to account for the impact of emerging technologies on commercial transactions. The amendments, approved jointly by the ULC and ALI in July 2022, touch on aspects of the entire UCC, but one change has inspired ire and attracted national media attention: a proposed revision to the definition of “money.” The 2022 UCC Amendments alter the definition of “money” to account for the introduction of central …


The Empty Space In The Teaching Of Commercial Law: An Argument For Including Article 7 Of The Ucc In The Commercial Law Curriculum, Glenys Spence Jan 2024

The Empty Space In The Teaching Of Commercial Law: An Argument For Including Article 7 Of The Ucc In The Commercial Law Curriculum, Glenys Spence

Transactions: The Tennessee Journal of Business Law

No abstract provided.


After Ftx: Can The Original Bitcoin Use Case Be Saved?, Mark Burge Dec 2023

After Ftx: Can The Original Bitcoin Use Case Be Saved?, Mark Burge

Faculty Scholarship

Bitcoin and the other cryptocurrencies spawned by the innovation of blockchain programming have exploded in prominence, both in gains of massive market value and in dramatic market losses, the latter most notably seen in connection with the failure of the FTX cryptocurrency exchange in November 2022. After years of investment and speculation, however, something crucial has faded: the original use case for Bitcoin as a system of payment. Can cryptocurrency-as-a-payment-system be saved, or are day traders and speculators the actual cryptocurrency future? This article suggests that cryptocurrency has been hobbled by a lack of foundational commercial and consumer-protection law that …


Coordination Of The Uniform Commercial Code And Common Law, Kenneth C. Kettering Oct 2023

Coordination Of The Uniform Commercial Code And Common Law, Kenneth C. Kettering

University of Cincinnati Law Review

Deciding whether an issue that is in the ambit of a statute should be resolved by reference to the statute alone, or whether other sources of law should be applied, is a common interpretative task. The Uniform Commercial Code ("UCC") contains rules of interpretation that address the subject, and those rules have not been altered since the UCC was first generally enacted. Nevertheless, questions often arise on the subject under the UCC. This paper examines the UCC rules on point. The analysis is germane to the interpretation and drafting of other statutes that codify rules of private law.


Modular Bankruptcy: Toward A Consumer Scheme Of Arrangement, John A. E. Pottow Aug 2023

Modular Bankruptcy: Toward A Consumer Scheme Of Arrangement, John A. E. Pottow

Law & Economics Working Papers

The world of international bankruptcy has seen increasing use of the versatile scheme of arrangement, a form of corporate reorganization available under English law. A key feature of the scheme is its modularity, whereby a debtor can restructure only a single class of debt, such as bond indentures, without affecting other debt, such as trade. This is the opposite of chapter 11 of the U.S. Bankruptcy Code’s comprehensive reckoning of all financial stakeholders. This article considers a novel idea: could the scheme be transplanted into the consumer realm? It argues that it could and should. Substantial benefits of more individually …


Floating Liens Over Crypto-In-Commerce, Christopher K. Odinet, Andrea Tosato Jan 2023

Floating Liens Over Crypto-In-Commerce, Christopher K. Odinet, Andrea Tosato

Indiana Law Journal

Commercial law and crypto are colliding. Against the backdrop of explosive growth (and discord) in the digital asset market, there has been a series of recent revisions to American commercial law aimed at addressing new and emerging technologies. These changes to the Uniform Commercial Code (UCC) are designed to facilitate the buying and selling of digital assets as well as their use as collateral. However, to date, the literature exploring these changes has mainly focused on understanding the basics of the new regime. This Essay moves beyond that baseline by showing how the UCC amendments can be used to structure …


Regulating Global Stablecoins: A Model-Law Strategy, Steven L. Schwarcz Nov 2022

Regulating Global Stablecoins: A Model-Law Strategy, Steven L. Schwarcz

Vanderbilt Law Review

Digital currencies have the potential to improve the speed and efficiency of the payment system. The principal challenge is retail: to facilitate day-to-day payments among consumers as an alternative to cash, both domestically and across national borders. Two models of digital currencies are becoming viable: central bank digital currencies and nongovernment-issued currencies that are backed by assets having intrinsic value (stablecoins or, when widely used internationally, global stablecoins). Because they are not government issued, global stablecoins present complex and novel cross-border regulatory challenges, including managing the costs of complying with a multitude of national laws and ensuring international legal enforceability. …


Novation And Advance Consent, Kwan Ho Lau Sep 2022

Novation And Advance Consent, Kwan Ho Lau

Research Collection Yong Pung How School Of Law

Professor Goode once observed that “Novation need not be left to ad hoc agreement; it is open to the parties to provide for it in advance and in particular to establish a contractual mechanism by which novation takes place automatically on the occurrence of a designated act or event”. This deceptively straightforward proposition is examined in the present article. It explores the legal footing for, and the risks in adopting a pristine version of, the proposition, and considers possible safeguards that may be incorporated within the process of scrutiny, if in any case there arises concern over the effectiveness of …


Will Corporations Deliver Value To All Stakeholders?, Lucian A. Bebchuk, Roberto Tallarita May 2022

Will Corporations Deliver Value To All Stakeholders?, Lucian A. Bebchuk, Roberto Tallarita

Vanderbilt Law Review

Amid growing concerns for the effects that corporations have on stakeholders, supporters of stakeholder governance advocate relying on corporate leaders to use their discretion to protect stakeholders, and they seem to take corporate pledges to do so at face value. By contrast, critics question whether corporate leaders have incentives to protect stakeholders and to follow through on pledges to do so. We provide empirical evidence that can contribute to resolving the debate between these rival views.

The most celebrated pledge by corporate leaders to protect stakeholders was the Business Roundtable's 2019 Statement on the Purpose of a Corporation (the "BRT …


Contracting For Process, David Snyder Jan 2022

Contracting For Process, David Snyder

Articles in Law Reviews & Other Academic Journals

This article introduces the concept of contracting for process and considers when it is likely to be the best contract design. Contracting for process is in widespread use, but it often goes unnoticed. Some characteristics of contracting for process suit it particularly well to situations of uncertainty, including the radical uncertainty that results from fundamental disruptions such as COVID-19. Parties can employ this design for both contracts made or renegotiated during a crisis and for contracts made in ordinary times. The concept articulated here, however, is not confined to contexts of uncertainty or complexity; it can be used to achieve …


Credit Supports For Italian Specialty Products: The Case Of Prosciutto And Long-Aged Cheese, Jorge L. Esquirol Jan 2021

Credit Supports For Italian Specialty Products: The Case Of Prosciutto And Long-Aged Cheese, Jorge L. Esquirol

FIU Law Review

No abstract provided.


Corporate Law And Social Risk, Stavros Gadinis, Amelia Miazad Oct 2020

Corporate Law And Social Risk, Stavros Gadinis, Amelia Miazad

Vanderbilt Law Review

Over a quarter of total assets under management are now invested in socially responsible companies. This turn to sustainability has gained solid ground over the last few years, earning the commitment of hundreds of CEOs and dominating the global business agenda. This marks an astounding repudiation of Wall Street’s get-rich-quick mentality, as well as a direct challenge to corporate law’s reigning mantra of profit maximization above all. But corporate law scholars are skeptical about the rise of sustainability. Some scoff at companies’ promises to “do the right thing” as empty rhetoric. But companies are revisiting core business practices and adjusting …


Commercial Law Intersections, Giuliano Castellano, Andrea Tosato Apr 2020

Commercial Law Intersections, Giuliano Castellano, Andrea Tosato

All Faculty Scholarship

Commercial law is not a single, monolithic entity. It has grown into a dense thicket of subject-specific branches that govern a broad range of transactions and corporate actions. When one of these events falls concurrently within the purview of two or more of these commercial law branches - such as corporate law, intellectual property law, secured transactions law, conduct and prudential regulation - an overlap materializes. We refer to this legal phenomenon as a commercial law intersection (CLI). Some notable examples of transactions that feature CLIs include bank loans secured by shares, supply chain financing arrangements, patent cross-licensing, and blockchain-based …


Fossil Fortunes: Regulating Commercial Paleontology & Incentivizing Fossil Discovery, Ashlee A. Paxton-Turner Jan 2020

Fossil Fortunes: Regulating Commercial Paleontology & Incentivizing Fossil Discovery, Ashlee A. Paxton-Turner

Faculty Scholarship

No abstract provided.


International Recognition Of Singapore´S New Restructuring Framework, Aurelio Gurrea-Martinez Sep 2019

International Recognition Of Singapore´S New Restructuring Framework, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

In the past years, Singapore has modernized its insolvency framework with the purpose of becoming an international hub for debt restructuring. One of the most significant reforms has affected the Singapore Scheme of Arrangement (SSoA). Under the new SSoA, debtors are allowed to remain in possession leading the restructuring process while enjoying the protection of an automatic moratorium with worldwide effects as well as a variety of tools imported from the US Chapter 11, including the availability of DIP financing, the restriction of ipso facto clauses, and a cross-class cramdown. Therefore, the new SSoA differs significantly from the typical scheme …


Empire, Trade, And The Use Of Agents In The 19th Century: The “Reception” Of The Undisclosed Principal Rule In Louisiana Law And Scots Law, Laura Macgregor Jun 2019

Empire, Trade, And The Use Of Agents In The 19th Century: The “Reception” Of The Undisclosed Principal Rule In Louisiana Law And Scots Law, Laura Macgregor

Louisiana Law Review

The article discusses the importance of the undisclosed agency concept in agency law in Scots law and Louisiana law in the 19th century, including its theories of origin, use by agents, and importance in trade.


Empowering The Poor: Turning De Facto Rights Into Collateralized Credit, Steven L. Schwarcz Jan 2019

Empowering The Poor: Turning De Facto Rights Into Collateralized Credit, Steven L. Schwarcz

Faculty Scholarship

The shrinking middle class and the widening gap between the rich and the poor constitute significant threats to social and financial stability. One of the main impediments to upward mobility is the inability of economically disadvantaged people to use their property — in which they sometimes hold only de facto, not de jure, rights — as collateral to obtain credit. This Article argues that commercial law should recognize those de facto rights, enabling the poor to borrow to start businesses or otherwise create wealth. Recognition not only would provide benefits that exceed its costs; it also would be consistent with, …


Harry Flechtner--A True Teacher/Scholar, With Rhythm, Ronald A. Brand Jan 2019

Harry Flechtner--A True Teacher/Scholar, With Rhythm, Ronald A. Brand

Articles

This is a tribute to Professor Emeritus Harry Flechtner upon his retirement from the University of Pittsburgh School of Law. Professor Flechtner was a leading scholar on the United Nations Convention on Contracts for the International Sale of Goods (CISG), a stellar teacher, a musician who used that skill in the classroom as well as the Vienna Konzerthaus, and a genuinely nice person.


The Case For American Muslim Arbitration, Rabea Benhalim Jan 2019

The Case For American Muslim Arbitration, Rabea Benhalim

Publications

This Article advocates for the creation of Muslim arbitral tribunals in the United States. These tribunals would better meet the needs of American Muslims, who currently bring their religious disputes to informal forums that lack transparency. Particularly problematic, these existing forums often apply legal precedent developed in majority-Muslim nations, without taking into consideration the changed circumstances of Muslim living as minorities in the United States. These interpretations of Islamic law can have especially negative impacts on women. American Muslim arbitration tribunals offer the potential to correct these inadequacies. Furthermore, a new arbitral system could better meet the needs of sophisticated …


Sharia Law And International Commercial Arbitration: The Need For An Intra-Islamic Arbitral Institution, George Khoukaz Jan 2017

Sharia Law And International Commercial Arbitration: The Need For An Intra-Islamic Arbitral Institution, George Khoukaz

Journal of Dispute Resolution

The goal of this Comment is to address the relationship between Middle-Eastern Islamic countries with the rest of the world from an international commercial arbitration perspective. To do that, we will first briefly address the historic sectarian divide between the two main sects in Islam—Sunna and Shia—which will allow the reader to gain a better understanding of the theoretical differences within Islam, resulting in different legal systems and competing political interests. Section II will also briefly address the modern history of both the Kingdom of Saudi Arabia (KSA) and the Islamic Republic of Iran (Iran) because these two countries are …


The Production Function Of The Regulatory State, J.B. Ruhl, Jonathan R. Nash, James Salzman Jan 2017

The Production Function Of The Regulatory State, J.B. Ruhl, Jonathan R. Nash, James Salzman

Vanderbilt Law School Faculty Publications

How much will our budget be cut be this year? This question has loomed ominously over regulatory agencies for over three decades. After the 2016 presidential election, it now stands front and center in federal policy, with the Trump administration pledging over $50 billion in cuts. Yet very little is known about the fundamental relationship between regulatory agencies budgets and the social welfare outcomes they are charged to produce. Indeed, the question is scarcely studied in scholarship from law, economics, or political science. This article lays the groundwork for a new field of theoretical and empirical research, using what we …


Apple Pay, Bitcoin, And Consumers: The Abcs Of Future Public Payments Law, Mark Edwin Burge Jul 2016

Apple Pay, Bitcoin, And Consumers: The Abcs Of Future Public Payments Law, Mark Edwin Burge

Mark Edwin Burge

As technology rolls out ongoing and competing streams of payments innovation, exemplified by Apple Pay (mobile payments) and Bitcoin (cryptocurrency), the law governing these payments appears hopelessly behind the curve. The patchwork of state, federal, and private legal rules seems more worthy of condemnation than emulation. This Article argues, however, that the legal and market developments of the last several decades in payment systems provide compelling evidence of the most realistic and socially beneficial future for payments law. The paradigm of a comprehensive public law regulatory scheme for payment systems - exemplified by Articles 3 and 4 of the Uniform …


Eleventh Amendment Federalism And State Sovereign Immunity Cases: Direct Effect On Section 1983?, Stephen H. Steinglass Apr 2016

Eleventh Amendment Federalism And State Sovereign Immunity Cases: Direct Effect On Section 1983?, Stephen H. Steinglass

Touro Law Review

No abstract provided.


Dismantling Democracy: Common Sense And The Contract Jurisprudence Of Frank Easterbrook, Deborah Post Mar 2016

Dismantling Democracy: Common Sense And The Contract Jurisprudence Of Frank Easterbrook, Deborah Post

Touro Law Review

No abstract provided.


Preface To The Gateway Thread, Deborah Post Mar 2016

Preface To The Gateway Thread, Deborah Post

Touro Law Review

No abstract provided.


Where's The Sense In Hill V. Gateway 2000?: Reflections On The Visible Hand Of Norm Creation, Shubha Ghosh Mar 2016

Where's The Sense In Hill V. Gateway 2000?: Reflections On The Visible Hand Of Norm Creation, Shubha Ghosh

Touro Law Review

No abstract provided.


Cognition And Common Sense In Contract Law, Beverly Horsburgh, Andrew Cappel Mar 2016

Cognition And Common Sense In Contract Law, Beverly Horsburgh, Andrew Cappel

Touro Law Review

No abstract provided.


Common Sense, Contracts, And Law And Literature: Why Lawyers Should Read Henry James, Lenora Ledwon Mar 2016

Common Sense, Contracts, And Law And Literature: Why Lawyers Should Read Henry James, Lenora Ledwon

Touro Law Review

No abstract provided.


Of Contract, Culture, And The Code: Judge Easterbrook And The Cheyenne Indians, John M. Conley Mar 2016

Of Contract, Culture, And The Code: Judge Easterbrook And The Cheyenne Indians, John M. Conley

Touro Law Review

No abstract provided.


The Intersection Between Legal Risk Management And Dispute Resolution In The Commercial Context, Garrick Apollon Feb 2016

The Intersection Between Legal Risk Management And Dispute Resolution In The Commercial Context, Garrick Apollon

Pepperdine Dispute Resolution Law Journal

This article explains the key advantages and challenges of using LRM to help lawyers managing substantive matters related to the commercial negotiations and disputes, and the key advantage of using ADR techniques for the management of nonsubstantive matters related to commercial negotiations and disputes. This article overall demonstrates that LRM can complement dispute resolution and vice versa. This article also demonstrates how LRM can be utilized in commercial negotiations and mediations.