Law Commons^™

Agents And Advisors, Deborah A. Demott

Faculty Scholarship

No abstract provided.

Brief Of Amica Curiae Deborah A. Demott In Support Of Petitioner, Deborah A. Demott

Faculty Scholarship

No abstract provided.

Conspiracy Liability And The Fcpa: The Second Circuit's Rare Interpretation Of The Fcpa In United States V. Hoskins And Its Potential Implications, Morgan R. Knudtsen

William & Mary Business Law Review

The scope of the Foreign Corrupt Practices Act (FCPA) is inherently difficult to ascertain. Over time, the SEC and DOJ have privately settled claims under the FCPA, leaving most interpretation to government agencies. Though agency interpretation happens frequently, there has been little interpretation over major questions such as who is subject to the FCPA’s jurisdiction and how far that jurisdiction extends. United States v. Hoskins, which was decided in August 2018, involved the FCPA, conspiracy, and foreign corporate officials. The Second Circuit in its decision subsequently limited the scope of the FCPA, holding that liability cannot extend to foreign …

Janus And The Future Of Collective Bargaining: Rhetorically Predicting A First Amendment Right To Negotiation, Thomas J. Freeman, Aaron Mckain, Destynie J.L. Sewell

William & Mary Business Law Review

The importance of the U.S. Supreme Court ruling in Janus v. American Federation of State, County, and Municipal Employees has been widely recognized for its effect on reducing the power and influence of public unions. A close reading of the majority opinion provides a clue that compulsory collective bargaining itself may be settling into the court’s crosshairs. Collective bargaining is an important tool, by which labor can reduce the often-inherent power imbalance it has with ownership and management. Yet as this Article outlines, the interests of individual workers can often be at odds with those other workers workers, particularly those …

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.

Fiduciary Duties On The Temporal Edges Of Agency Relationships, Deborah A. Demott

Faculty Scholarship

The duties that principals and agents owe each other are typically coterminous with the agency relationship itself. But sometimes temporal lines of clean demarcation do less work. The Chapter identifies situations in which an agent may owe duties—including fiduciary duties—to the principal prior to the formal start of their relationship, including any enforceable contract between the parties. Likewise, not all duties that agents and principals owe each other end with the relationship. The Chapter explores the rationales for duties at the temporal peripheries for an agency relationship and the extent to which they are derived from doctrines distinct from agency …

Fiduciary Contours: Perspectives On Mutual Funds And Private Funds, Deborah A. Demott

Faculty Scholarship

The thesis of this essay, written as a chapter in a forthcoming book, is that in the mutual fund context, the specifics of fiduciary duty reflect the distinctive qualities of this form of investment in securities. The particular contours that shape fiduciary duty reflect many factors, including the highly prescriptive regulatory context distinctively applicable to mutual funds. To sharpen its depiction of the fiduciary distinctiveness of mutual funds, I draw contrasts with two other avenues through which an investor may delegate investment choice: (1) "private" funds, that is, vehicles for pooled investments that are not subject to the full regulatory …

Defining Agency And Its Scope (Ii), Deborah A. Demott

Faculty Scholarship

Fiduciary law necessarily raises issues of delineation and demarcation, which this paper demonstrates through examples involving common-law agents. Serving as an agent, and thus as a fiduciary, does not necessarily mean that agency law prescribes all duties that the agent owes the principal. The agent may have rights external to the relationship that the agent may exercise, distinct from the duty of loyalty owed the principal. When an agent acts outside the bounds of an agency relationship, the principal’s consent is not requisite to conduct that would constitute disloyalty within the bounds of the agency relationship. The paper illustrates the …

Relationships Of Trust And Confidence In The Workplace, Deborah A. Demott

Faculty Scholarship

No abstract provided.

Agency In The Alternatives: Common-Law Perspectives On Binding The Firm, Deborah A. Demott

Faculty Scholarship

This chapter in a forthcoming book examines the external aspects of agency law in the context of unincorporated firms, that is, the capacity of actors associated a firm to bind it to the legal consequences of interactions with third parties. The chapter focuses in particular on the impact of acts done by a representative for which the representative lacked actual authority. The chapter differentiates the terminology and concepts associated with partnership law from the common law of agency, in particular, a partner's capacity to bind the firm albeit the partner lacks actual authority, which the chapter terms the partner's "positional …

The Evolution Of Codification: A Principal-Agent Theory Of The International Law Commission's Influence, Laurence R. Helfer, Timothy Meyer

Faculty Scholarship

The International Law Commission has a mandate from the U.N. General Assembly to codify and progressively develop international law. For most of the ILC’s history, the lion’s share of its work took the form of draft articles adopted by the General Assembly as the basis for multilateral conventions. The ILC’s activities received their principal legal effect during this period through the United Nations treaty-making process, rather than directly on the basis of the ILC’s analysis of what customary international law does or should require. In recent decades, however, the ILC has turned to other outputs—such as principles, conclusions and draft …

Forum-Selection Bylaws Refracted Through An Agency Lens, Deborah A. Demott

Faculty Scholarship

Both praise and controversy surround director-adopted bylaws that affect shareholders' litigation rights. Recent bylaws specify an exclusive forum for litigation of corporate governance claims, limit shareholder claims to resolution through arbitration, and (most controversially) impose a one-way regime of fee shifting on shareholder litigants. To one degree or another, courts have legitimated each development, while commentators differ in their assessments. This Article brings into clear focus issues so far blurred in debates surrounding these types of bylaws. Focusing on forum-selection bylaws, and on Delaware precedents, I argue that beginning from the standpoint of common law agency reveals the attenuated and …

Reviving Proxy Marriage, Andrea B. Carroll

Andrea Beauchamp Carroll

Marriage is merely a contract. It creates myriad rights and responsibilities - essentially conferring a status - but the American states recognize without exception that the parties’ relationship is at base nothing more than a contractual one. Still, modern society has elevated the marriage contract above all others. This distinction has overwhelmingly focused on the very personal nature of the marital relationship, a feature nonexistent in the arms-length contractual dealings with which we are accustomed to working when applying contract law. As a result, marriage is subject to a number of requirements, even at the level of contractual formation, which …

The Contours And Composition Of Agency Doctrine: Perspectives From History And Theory On Inherent Agency Power, Deborah A. Demott

Faculty Scholarship

This Essay explores the history of formulations of agency doctrine, arguing that agency law can best be rationalized as a distinctive subject by recognizing that an agent acts as an extension of the principal. The Essay relies on historical material related to the drafting of the Restatements of Agency, the disagreements among Reporters and other participants about the contours agency law, and the intellectual backdrop against which these experts worked. Their disputes, preceded as they were by challenges to the fundamental coherence of agency law, led to successive formulations of agency doctrine; while attempting to provide a comprehensive level of …

Agency Threats, Tim Wu

Duke Law Journal

Most legal writers are implicitly or explicitly critical of the use of threats as an alternative to rulemaking or adjudication. The general presumption is that the use of threats is a kind of symptom of an underlying malady - a broken rulemaking or adjudication process. For example, Professor Lars Noah describes the use of threats as an “intractable problem,” given the difficulty of “controlling the exercise of such wide-ranging discretionary power.” In this brief Essay, I write in defense of regulatory threats in particular contexts.

The use of threats instead of law can be a useful choice - not simply …

Reviving Proxy Marriage, Andrea B. Carroll

Journal Articles

Marriage is merely a contract. It creates myriad rights and responsibilities - essentially conferring a status - but the American states recognize without exception that the parties’ relationship is at base nothing more than a contractual one. Still, modern society has elevated the marriage contract above all others. This distinction has overwhelmingly focused on the very personal nature of the marital relationship, a feature nonexistent in the arms-length contractual dealings with which we are accustomed to working when applying contract law. As a result, marriage is subject to a number of requirements, even at the level of contractual formation, which …

Indemnification And Advancement Through An Agency Lens, Deborah A. Demott

Law and Contemporary Problems

DeMott discusses the doctrines that define entitlements to indemnification. In the corporate context, indemnification is better grounded, as in the Model Business Corporation Act (MBCA), in the necessity of furnishing corporate directors with appropriate protection against personal risk. To be sure, as the MBCA's official comments implicitly acknowledge, the position of officers, especially senior executive officers, does not fit neatly and exclusively into either an "agent" or a "non-agent" category for indemnification purposes.

Brief Of Amica Curiae, Deborah A. Demott In Support Of The Petitioner, Maples V. Thomas, Deborah A. Demott

Faculty Scholarship

No abstract provided.

Ratification: Useful But Uneven, Deborah A. Demott

Faculty Scholarship

Ratification permits a principal to determine to be bound by the legal consequences of action taken by an agent after the fact of the agent’s conduct when the principal would otherwise not be bound. By ratifying a principal may clarify the effects of uncertainty, furnishing reassurance to the agent, the third party with whom the agent dealt, and other parties interested in the status of the transaction. However, at the point the principal decides whether to ratify, the principal knows facts not known to agent and third party at the time of the agent’s unauthorised transaction, in particular subsequent developments …

The Globalization Of Health And Safety Standards: Delegation Of Regulatory Authority In The Sps Agreement Of The 1994 Agreement Establishing The World Trade Organization, Tim Buthe

Law and Contemporary Problems

Buthe examines why states delegated regulatory authority in the Agreement on the Application of Sanitary and Phytosanitary (SPS) Measures, an integral part of the founding treaty of the World Trade Organization (WTO). Buthe argues that, to explain this case of international delegation, principal-agent theory must be complemented by an analysis of cost-benefit calculations of the relevant domestic interest groups. Given these domestic interests, governments decided to institutionalize international cooperation on SPS measures outside of the WTO because they believed that such delegation would minimize the political costs of the loss of policymaking autonomy. Buthe notes, however, that in retrospect it …

Agency By Analogy: A Comment On Odious Debt, Deborah A. Demott

Law and Contemporary Problems

DeMott focuses on how one might think about the phenomenon of odious debt from the standpoint of common-law agency. Though this analogy has its flaws, some useful insights can be gathered by examining the similarities and differences between the two doctrines, especially when contemplating the theory of liability in the sovereign context. To illustrate the complexity of comparing odious debt to agency law, she develops a series of comparisons between the consequences of borrowing by a sovereign and that by a private corporation afflicted with inept or corrupt management.

Senior Corporate Officers And The Duty Of Candor: Do The Ceo And Dfo Have A Duty To Inform?, Z. Jill Barclift

Faculty Scholarship

This article focuses on the duty to inform as a framework to assess liability of senior officers of public companies who withhold information from directors. The broadening of the definition of the duty to inform that senior officers owe directors to include an underlying affirmative duty to provide information, even when director or shareholder action is not requested, offers an opportunity for greater monitoring of corporate governance by focusing on those often most culpable. Currently, the plain language of Delaware’s delegation of authority statute protects directors who reasonably rely in good faith on the reports of corporate officers. However, officers’ …

The Proposed Abolition Of Inherent Agency Authority By The Restatement (Third) Of Agency: An Incomplete Solution, Gregory Scott Crespi

Santa Clara Law Review

No abstract provided.

Shareholder Value And Auditor Independence, William W. Bratton

Duke Law Journal

This Article questions the practice of framing problems concerning auditors' professional responsibility inside a principal-agent paradigm. If professional independence is to be achieved, auditors cannot be enmeshed in agency relationships with the shareholders of their audit clients. As agents, the auditors by definition become subject to the principal's control and cannot act independently. For the same reason, auditors' duties should be neither articulated in the framework of corporate law fiduciary duty, nor conceived relationally at all. These assertions follow from an inquiry into the operative notion of the shareholder-beneficiary. The Article unpacks the notion of the shareholder and tells a …

When Is A Principal Charged With An Agent’S Knowledge?, Deborah A. Demott

Duke Journal of Comparative & International Law

No abstract provided.

Contracting On The Web: Collegiate Athletes And Sports Agents Confront A New Hurdle In Closing The Deal, Manpreet S. Dhanjal

Jeffrey S. Moorad Sports Law Journal

No abstract provided.

The History Behind Athlete Agent Regulation And The Slam Dunking Of Statutory Hurdles, Diane Sudia

Jeffrey S. Moorad Sports Law Journal

No abstract provided.

Exploring The Contours Of Agent Regulation: The Uniform Athlete Agents Act, Robert N. Davis

Jeffrey S. Moorad Sports Law Journal

No abstract provided.

Liner Agency Agreements, Patricia Mwikali Mbindyo

World Maritime University Dissertations

No abstract provided.

Agents, Lovers, And Institutions, John Le Carre As Legal Critic, Allen D. Boyer

Notre Dame Law Review

No abstract provided.