Law Commons^™

The Trouble With Farmouts: The Problem Of The Innocent, Nonperforming Farmee, Benjamin Idzik

Catholic University Law Review

The oil market is a volatile universe. The price of the commodity has a profound impact both on the national and global economies and on the lives of everyday consumers. Consider the high prices of 2022 compared with the record lows seen in 2020, the price of oil affects almost everything. The United States is one of the top oil producing nations in the world. The size and importance of the industry has led to a somewhat unique area of the legal practice known as oil and gas law. Among its many tenants is an instrument known as a farmout …

Force Majeure, Vis Major, Impossibility, And Impracticability Under Ohio Law Before And After Covid-19, Laura Gates

University of Cincinnati Law Review

No abstract provided.

Narrow, Narrower, Narrowest: Appropriate Force Majeure Specificity, Tayzlie T. Haack, Max A. Esplin

Brigham Young University Prelaw Review

Imagine you are the owner of a small construction company and

are contracted to build a large office building. As is customary, you

signed a contract agreeing to complete the building by a specific

deadline for a set amount of money. Included is a brief force majeure

clause, which allows you to be relieved of the contract in the case of

“unforeseeable circumstances” that might prevent completion of the

project. During construction, heavy tariffs affect your main suppliers,

exponentially increasing the projected cost of completing the

project. Your company cannot afford the supplies necessary to complete

the building, and you …

Why Flexibility Matters: Inequality And Contract Pluralism, Jeremiah A. Ho

Faculty Publications

In the decade since the Great Recession, various contract scholars have observed that one reason the financial crisis was so “great” was due in part to contract law—or, more precisely, the failures of contract law for not curbing the risky lending practices in the American housing market. However, there is another reason why contracts made that recession so great: contracts furthered inequality. In recent years, when economic inequality has become a dominant national conversation topic, we can see development of that inequality in the Great Recession. And indeed, contract law was complicit. While contractual flexibility and innovation were available to …

Why Flexibility Matters: Inequality And Contract Pluralism, Jeremiah A. Ho

All Faculty Scholarship

In the decade since the Great Recession, various contract scholars have observed that one reason the financial crisis was so “great” was due in part to contract law—or, more precisely, the failures of contract law for not curbing the risky lending practices in the American housing market. However, there is another reason why contracts made that recession so great: contracts furthered inequality. In recent years, when economic inequality has become a dominant national conversation topic, we can see development of that inequality in the Great Recession. And indeed, contract law was complicit. While contractual flexibility and innovation were available to …

Fighting Piracy With Private Security Measures: When Contract Law Should Tell Parties To Walk The Plank, Jennifer S. Martin

American University Law Review

This Article addresses the following question: when should contract law permit parties to discontinue performance under a private security contract aimed to combat piracy? Piracy has been 'on the rise' off Somalia and in East Asia, with serious attacks escalating. Some shipping companies have responded by drafting 'best management practices', hiring security companies to advise on countering the threat and hiring armed or unarmed security protection. After presenting representative factual situations involving pirate attacks, the Article describes the traditional approach to defining the obligations of parties and the performance issues that arise during contractual performance. This approach takes into account …

Bounded Rationality, The Doctrine Of Impracticability, And The Governance Of Relational Contracts, Donald J. Smythe

ExpressO

This article uses a behavioral economics approach to analyze the effects of the doctrine of impracticability on “relational” contracts -- long-term contractual agreements that are typically adapted to changed circumstances and unforeseen contingencies as they arise. In contrast to conventional law and economics studies, the article concludes that the impracticability doctrine has the potential to improve the efficiency and productivity of a wide range of long-term contractual agreements, and offers normative guidelines as to how the doctrine should be applied. The article also examines and rejects various philosophical objections to the impracticability doctrine, such as the arguments that it interferes …

Contracts-Frustration Of Purpose, T. Ward Chapman S.Ed.

Michigan Law Review

The purpose of this comment is to discuss the doctrine in terms of its treatment by American courts. Attention will be given to the limitations which the courts have placed upon the doctrine, the degree to which they accept the doctrine thus limited, the rationales urged for the doctrine's acceptance or rejection, and the forms in which relief is given in frustration situations.