Law Commons^™

Time’S Up: Against Shortening Statutes Of Limitation By Employment Contract, Meredith R. Miller

Scholarly Works

Employers are increasingly adding clauses to contracts with employees that purport to shorten the statutes of limitation for employees to pursue claims against their employers (“SOL Clauses”). SOL Clauses are being imposed on employees in various stages of the contracting process. They have turned up in job applications, offer letters, arbitration clauses, employment agreements and employee handbooks. Where they have been enforced by the courts, the justification has been a prioritization of “freedom of contract” over any other policy concerns. This Article argues that, in the employment context, “freedom of contract” should not be prioritized over other competing concerns, which …

Why Does Lord Denning's Lead Balloon Intrigue Us Still? The Prospects Of Finding A Unifying Principle For Duress, Undue Influence And Unconscionability, Marcus Moore

All Faculty Publications

To this day, Lord Denning’s opinion in Lloyds Bank v Bundy remains a staple of first-year Contracts courses in law faculties across the common law world. After surveying doctrines such as duress, undue influence, and unconscionable bargains, Denning posited that they were instances of an underlying principle permitting avoidance of a contract for “inequality of bargaining power”. Although rejected by the House of Lords, Denning’s proposition has intrigued Contract scholars for more than four decades. Subsequent attempts to “fix” Denning’s thesis have fallen short. Yet, authors of Contract textbooks persist in asking whether the doctrines might yet be unified in …

Contracting Out Of The Fiduciary Duty Of Loyalty: An Empirical Analysis Of Corporate Opportunity Waivers, Gabriel Rauterberg, Eric Talley

Articles

For centuries, the duty of loyalty has been the hallowed centerpiece of fiduciary obligation, widely considered one of the few “mandatory” rules of corporate law. That view, however, is no longer true. Beginning in 2000, Delaware dramatically departed from tradition by granting incorporated entities a statutory right to waive a crucial part of the duty of loyalty: the corporate opportunities doctrine. Other states have since followed Delaware’s lead, similarly permitting firms to execute “corporate opportunity waivers.” Surprisingly, more than fifteen years into this reform experiment, no study has attempted to either systematically measure the corporate response to these reforms or …

Mandating Precontractual Disclosure, Eric H. Franklin

Scholarly Works

Parties negotiating an arm's-length contract are generally not required to disclose facts to one another. Although this default rule is supported by both centuries of common law and freedom of contract principles, courts and legislatures treat certain transactions differently. This is particularly true in circumstances in which the default rule results in an unacceptable harm suffered by a broad group of persons. In such cases, lawmakers have acted to impose precontractual disclosure obligations. These decisions and statutes are largely reactive: A harm is identified in a certain transaction's precontractual period and disclosure is mandated to rectify the harm. These reactive …

Turkey's Accession To The Cisg: The Significance For Turkey And For Sales Transactions With U.S. Contracting Parties, William P. Johnson

All Faculty Scholarship

The United Nations Convention on Contracts for the International Sale of Goods (CISG) entered into force for Turkey on August 1, 2011. This article considers the significance of Turkey’s accession to the CISG as part of Turkey’s continuing engagement with systems of international trade, especially as relates to sales transactions with U.S. contracting parties. This article urges the Turkish bar to recognize that the CISG is a viable alternative to various potentially applicable bodies of domestic sales law, and the article offers some guidance regarding proper understanding and application of the CISG. This article also offers comparative analysis of some …

The Law And Economics Of Contracts, Benjamin E. Hermalin, Avery W. Katz, Richard Craswell

Faculty Scholarship

This paper, which will appear as a chapter in the forthcoming Handbook of Law and Economics (A.M. Polinsky & S. Shavell, eds.), surveys major issues arising in the economic analysis of contract law. It begins with an introductory discussion of scope and methodology, and then addresses four topic areas that correspond to the major doctrinal divisions of the law of contracts. These areas include freedom of contract (i.e., the scope of private power to create binding obligations), formation of contracts (both the procedural mechanics of exchange, and rules that govern pre-contractual behavior), contract interpretation (what consequences follow when agreements are …

Two Cheers For Freedom Of Contract, Mark L. Movsesian

Faculty Publications

Once, they say, freedom of contract reigned in American law. Parties could make agreements on a wide variety of subjects and choose the terms they wished. Courts would refrain from questioning the substance of bargains and would ensure only that parties had observed the proper formalities. In interpretation, objectivity was paramount. Courts would seek to ascertain, not what the parties had intended, but what a reasonable observer would understand the parties' words to mean. Contract law was a series of abstractions informed by individual autonomy and judicial deference.

This world, a classical paradise of doctrines with sharp corners, began to …

Freedom Of Contract, Fiduciary Duties, And Partnerships: The Bargain Principle And The Law Of Agency, J. Dennis Hynes

Publications

No abstract provided.

Foreword, J. Dennis Hynes

Publications

No abstract provided.

Fiduciary Rules And Rupa, J. Dennis Hynes

Publications

No abstract provided.

The Effect Of Section 1-102(3) And 1-103 On Commercial Agreements Involving Ucc Tansactions: Should They Be Revised?, James J. White

Other Publications

Power to Modify Article 5 Obligations Under 1-102(3) and 1-203. see Sections 5-103(c) and 5-116(c) of Revised Article 5.

Persons speaking for issuing banks argued strongly in the Article 5 revision process that complete freedom of contract should prevail and that no provision should be made invariable . They argued successfully for the removal in current Section 5-109 of references to due care and they argued successfully against the inclusion of any similar obligation elsewhere in Article 5. Consequently Section 1-102(3) has no place to get a grip in Article 5--because no obligations of due care are expressed in the …

Buyer's Remedies And Warranty Disclaimers: The Case For Mistake And The Indeterminacy Of U.C.C. Section 1-103, David Frisch

Law Faculty Publications

The primary purpose of this article is not to end the longstanding malaise surrounding section 1-103, but to illuminate its existence and encourage a serious reconsideration of the extent to which common law and equitable principles serve as sources of law in resolving cases under the Code. A greater appreciation of the importance of this issue to commercial law development will result in an approach which makes the law more predictable and which better facilitates the essential need to keep the Code responsive to commercial practice. Part II of this article introduces the context within which section 1-103 will be …

For Unifying Servitudes And Defeasible Fees: Property Law's Functional Equivalents, Gerald Korngold

Articles & Chapters

While property scholars have argued persuasively for a unified law of servitudes and for a unified law of defeasible fees, Professor Korngold argues that further unification is necessary: the law should integrate servitudes and defeasible fees involving land use controls. Because these interests are functional equivalents, judicial results should not depend on the historical label attached to the interest. Courts should address the tension between freedom of contract and free alienability values that inhere in both interests. Professor Korngold focuses on significant issues that arise in both defeasible fees and servitudes contexts, including the forfeiture remedy, ownership in gross, permissible …

Contractual Disclaimer And Limitation Of Liability Under The Law Of New York, James Brook

Articles & Chapters

No abstract provided.

Freedom Of Contract, Jerome C. Knowlton

Articles

The liberty mentioned in the Fourteenth Amendment of the Federal Constitution "means not only the right of the citizen to be free from the mere physical restraint of his person, as by incarceration, but the term is deemed to embrace the right of the citizen to be free in the enjoyment of all his faculties; to be free to use them in all lawful ways; to live and work where he will; to earn his livelihood by any lawful calling; to pursue any livelihood or avocation, and for that purpose to enter into all contracts which may be proper, necessary …