Law Commons^™

Contracts, Claude D. Rowher

Cal Law Trends and Developments

Recent decisions have brought about a number of changes in the area of contract interpretation. Although the general trends seem clear and commendable, the details are often obscure and bothersome.

Contracts, Robert G. Meiners

Cal Law Trends and Developments

No abstract provided.

Standardization Of Standard-Form Contracts: Competition And Contract Implications, Mark R. Patterson

William & Mary Law Review

Standard-form contracts are a common feature of commercial relationships because they offer the advantage of lower transaction costs. This advantage of standard contracts is increased when there is a second layer of standardization under which multiple firms agree on a standard contract. Trade associations and similar entities often effect standardization of this kind through collective agreement on a standard contract, sometimes under the aegis of state actors. Multifirm contract standardization can provide not only the usual transaction-cost advantages of standard-form contracts, but also increased competition among firms, because a standard contract makes comparison among firms’ offerings easier. But standardization among …

Contracts, William T. Laube

Cal Law Trends and Developments

In any given twelve-month reporting period there is, for some reason, a case emphasis on particular problems in each major classification of the law. The field of contracts is no exception. For the period covered by this volume, two basic contract problems float to the surface in the pool of reported appellate decisions. The first problem discussed, and illustrated by a number of recent cases, relates to the obligation to pay "more money" for merchandise or services than that provided for in the original contract. There are various background situations which activate the demand for "more money," but the most …

Commercial Transactions, Neil M. Levy

Cal Law Trends and Developments

The emphasis of this article reflects the degree to which commercial law today is statutory. Particularly in California, where the Uniform Commercial Code has only been in effect since January 1, 1965, few cases construing that statute reached the appellate courts during the year 1967. However, the state legislature in 1967 amended 25 sections of the California Commercial Code. Although these amendments cover a wide range of substantive problems, they can be viewed in the light of the policy of the code as enunciated in section 1102(2)(c), "[t]o make uniform the law among the various jurisdictions." In addition, one group …

How The Payday Predator Hides Among Us: The Predatory Nature Of The Payday Loan Industry And Its Use Of Consumer Arbitration To Further Discriminatory Lending Practices, Michael A. Satz

Michael A Satz

This Article argues that Payday lending is a predatory lending practice that disproportionately targets minority customers, and that the Payday lending industry utilizes consumer arbitration agreements to further the industry’s discriminatory lending practices. The Article proposes that protections enacted into law to protect military service members from payday lenders should be universally enacted on a national level.

When Bad Things Happen To Good Sovereign Debt Contracts: The Case Of Ecuador, Arturo C. Porzecanski

Law and Contemporary Problems

No abstract provided.

Contracting For State Intervention: The Origins Of Sovereign Debt Arbitration, W. Mark C. Weidemaier

Faculty Publications

No abstract provided.

Contracts In Context And Contracts As Context, Larry A. Dimatteo, Blake D. Morant

UF Law Faculty Publications

The annual Business Law Symposium of the Wake Forest Law Review has a distinguished legacy of noteworthy programs that shed light on seminal issues affecting contemporary business in the United States. This edition builds on that tradition of excellence with a focus on the ubiquitous phenomenon of contracts and bargaining behavior. Contract law appears as a set of policies and rules that provide order for those who transact bargains. Indeed, contract law and the rules that it engenders seemingly facilitate an efficient system of transactional conduct that, on its face, appears objective.

Part II of this introductory Article briefly examines …

Defining Hospitality Entities In Contracts And Statutes: A Proactive And Preventative Approach, Andrea Bastian, Stephen Barth

Golden Gate University Law Review

This Comment serves as a guide to contracting parties and legislative drafters to initially, in an accurate and descriptive manner, define the scope of the entity, and thus, avoid litigation. Additionally, the factors enumerated through permissive uses and restrictive covenants (such as a dancing or minimum stay requirement) if utilized, will enhance the enforceability of the statutes and contractual restrictive covenants.

Some Questions About Interpretation, Ecto-Ambiguity, Tradition, And Conflicts Of Law And Fact, Graydon S. Staring

Graydon S. Staring

Questions raised by the interpretation of a conrtract clause with the aid of the following devices: Recognizing a more restrictive "traditional" understanding; Finding contract ambiguity between actual wording and traditional understanding; Resolving its intent by the canon contra proferentem; Accepting the finding of intent as controlling foreign state law

Private Ordering Of Employee Privacy: Protecting Employees’ Expectations Of Privacy With Implied-In-Fact Contract Rights, Lindsay Noyce

Lindsay Noyce

With the growth of technology in the workplace, employee privacy is an increasingly significant legal issue. Employees, perhaps irrationally, often overestimate the amount of privacy they should expect in technological communication. A decision issued by the United States Supreme Court in June 2010, City of Ontario v. Quon, highlights the importance of privacy in the workplace and employees’ expectations of privacy. Employee privacy is protected by various constitutional, tort, and statutory causes of action; however, each of these theories has limitations, failing to protect some reasonable expectations of privacy. The implied-in-fact contract is a theory that has been recognized by …

An Ethical Rabbit Hole: Model Rule 4.4, Intentional Interference With Former Employee Non-Disclosure Agreements And The Threat Of Disqualification, Maura I. Strassberg

Maura I Strassberg

ABSTRACT The Model Rule 4.4 prohibition on the use of methods of obtaining evidence that violate the rights of third parties can be read to prohibit the informal questioning of a former employee with a non-disclosure agreement to advance a proposed or pending lawsuit, as this may constitute the tort of intentional interference with contract. The use of non-disclosure agreements is proliferating and, although actual tort liability in this context has hardly ever been litigated, it is easy to strategically use this tort to allege an ethical violation that can be the basis of a disqualification motion. The threat of …

Was Selden Right? The Expansion Of Closed Seas And Its Consequences, Scott Shackelford

Scott Shackelford

This Article focuses on the relationship between the legal regimes governing offshore resources in the continental shelves and the deep seabed, particularly in reference to the extent to which continental shelf claims are encroaching on the deep seabed. The question of how well these respective legal regimes regulate resource exploitation will also be considered, along with an analysis of the underlying reasons driving change in these governance structures. I argue that the primary issue is one of whether vague rules, particularly UNCLOS Article 76, are working in terms of incentivizing sustainable, peaceful development of offshore resources.

“A Psychological Investigation Of Consumer Vulnerability To Fraud: Legal And Policy Implications”, Debra P. Stark, Jessica M. Choplin

Debra Pogrund Stark

This article focuses on a type of consumer fraud that is particularly problematic because it may not be actionable in some jurisdictions, namely the problem of consumer vulnerability to deception when a consumer notices a problematic term in a contract but is persuaded through deception to proceed with the deal anyhow. Two fraud simulation studies and a follow-up survey demonstrated how this type of fraud operates, found that consumers with certain vulnerability characteristics such as having lower socio-economic status are more susceptible to this type of fraud, and explored some of the psychological reasons why consumers are vulnerable to it …

Trends On The Harmonization Of Contract Law In Africa, Salvatore Mancuso

Annual Survey of International & Comparative Law

Taking into consideration both the need for domestic legal reform in commercial matters and the importance of promoting harmonized commercial solutions for Africa, in this paper I first review the concept of legal harmonization in general and with particular reference to the situation in Africa. I then provide an overview of OHADA and COMESA, the two main initiatives of regional integration in Africa having implications in the harmonization of commercial law in general, and in the law of contract in particular. I conclude by affirming the interest of further exploring the possibilities related to the harmonization/uniformization of the law of …

Understanding Exclusion Of The Cisg: A New Paradigm Of Determining Party Intent, William P. Johnson

William P. Johnson

No abstract provided.

Lessons In Price Stability From The U.S. Real Estate Market Collapse, Andrea J. Boyack

Andrea J Boyack

The U.S. residential housing market collapse illustrates the consequences of ignoring risk while funding mortgage borrowing. Collateral over-valuation was a foundational piece of the crisis. Over the past few decades, secondary markets, securitization, policy and psychology increased the flow of funds into real estate. At the same time, financial market segmentation divorced risk from reward. Increased mortgage capital availability, unmitigated by proper risk allocation, led to real estate price inflation. Social trends and government policies exacerbated both the mortgage capital over-supply and the risk-valuation disconnect.

The Dodd-Frank Act inadequately addresses the underlying asset valuation problem. Federal regulation may support market …

How Powerful Is The Ioc? – Let’S Talk About The Environment, Marc A. R. Zemel

Marc A. R. Zemel

The International Olympic Committee (IOC) is in a unique position as the supreme administrator of an immensely popular international mega-event and a self-proclaimed champion of environmental issues and sustainable development. Every two years, cities from all over the world spend millions of dollars for the mere privilege of competing to host the Olympic Games, and those cities must play by the IOC’s rules. In addition, Article 2 of the Olympic Charter, the constitution-like instrument governing the IOC and the Olympic Movement, requires the IOC to ensure that the Olympics are held to promote sustainable development and show concern for the …

Prime Property Institutions For A Subprime Era: Toward Innovative Models Of Homeownership, Amnon Lehavi, Benito Arrunada

Amnon Lehavi

This Essay breaks new ground toward contractual and institutional innovation in models of homeownership, equity building, and mortgage enforcement. Inspired by recent developments in the affordable housing sector and in other types of public financing schemes, this Essay suggests extending institutional and financial strategies such as time- and place-based division of property rights, conditional subsidies, and credit mediation to alleviate the systemic risks of mortgage foreclosure. It proposes two new solutions. Alongside a for-profit shared equity scheme that would be led by local governments, the Essay also outlines a private market shared equity model, one of “bootstrapping home buying with …

Controlling Creditor Opportunism, Jonathan C. Lipson

Jonathan C. Lipson

This paper addresses problems of creditor opportunism. “Distress investors” such as hedge funds, private equity funds, and investment banks are opportunistic when they use debt to obtain control of a financially troubled firm and extract improper gains at the expense of the firm and its other stakeholders. Examples include the mis-use of private information to short-sell a borrower’s securities and creditor self-dealing.

Creditors can act opportunistically because legal doctrines that historically checked such behavior—e.g., “lender liability”—have not kept pace with fundamental changes in the market for control of distressed firms. The recent Dodd-Frank financial reform is not likely to change …

Smoke, Mirrors & Contract Law, Danielle K. Hart

Danielle K Hart

Abstract: Contract law is set up to be transaction enforcing, that is, to be binding. Binding means two different but related things. First, “binding” means that the contract is valid as between the parties (because it satisfies contract law’s formation requirements) and, second, it means that the rights and obligations set forth in that contract will be enforced by the state on behalf of one of the parties over the objection of the other, now resisting party. Modern contract law uses several well-established assumptions about the contracting parties, including the way they behave when contracting, and the roles of the …

Take This House And Shove It: The Emotional Drivers Of Strategic Default, Brent T. White

Brent T. White

An increasingly influential view is that strategic defaulters make a rational choice to default because they have substantial negative equity. This article, which is based upon the personal accounts of over 350 individuals, argues that this depiction of strategic defaulters as rational actors is woefully incomplete. Negative equity alone does not drive many strategic defaulters’ decisions to intentionally stop paying their mortgages. Rather, their decisions to default are driven primarily by emotion – typically anxiety and hopelessness about their financial futures and anger at their lenders’ and the government’s unwillingness to help. If the government and the mortgage industry wish …

Inadempimento Contrattuale E Responsabilità Nel Caso Lehman Brothers, Valerio Sangiovanni

Valerio Sangiovanni

No abstract provided.

Legislating In The Light: Considering Empirical Data In Crafting Arbitration Reforms, Amy J. Schmitz

Faculty Publications

Consumer advocates and policymakers call for abolition of predispute arbitration clauses in consumer contracts, while proponents of arbitration claim such abolition would increase companies’ dispute resolution costs, leading to higher prices and interest rates. Policymakers on both sides of the debate, however, rarely consider the empirical research necessary for crafting informed arbitration disclosure rules. This article therefore focuses on how varied research, including my own empirical studies, may inform policies regarding arbitration disclosure regulations. The article also offers suggestions for regulations tailored to have the most impact for the cost in light of this research.

Arbitration Clauses In Contracts Of Adhesion Trap Sophisticated Parties Too, Andrea Doneff

Journal of Dispute Resolution

Part II of this Article will provide a survey of the FAA, the cases that have enforced it since its passage in 1925, and the distinctions made by the drafters and the courts. Part III addresses a number of the common themes and limitations raised by cases applying the FAA, including the ability to protect statutory rights, the right to contract and have courts enforce contractual obligations, the need to protect consumers subject to mandatory arbitration clauses, and the need for finality in arbitration. Part IV reviews recent legislative and Supreme Court decisions considering issues regarding sophisticated and unsophisticated parties …

They Can Do What!? Limitations On The Use Of Change-Of-Terms Clauses, Peter A. Alces, Michael M. Greenfield

Faculty Publications

No abstract provided.

Relational Contract Theory And Management Contracts: A Paradigm For The Application Of The Theory Of The Norms, Michael Diathesopoulos

Michael Diathesopoulos

This paper examines management contracts as a paradigm for the application of relational contracts theory and especially of the theory of contractual and relational norms. This theory, deriving from Macauley's implications, but structured and analysed by I.R. MacNeil gives us a framework for the explanation and understanding of contractual obligations and business relations' rules and practice. After presenting the key literature about the norms theory and especially defining the content of MacNeil's norms, we define management contracts as relations, characterised by a high relational element and we explain why, investigating all their features, which make them a suitable object for …

Slides: Celebrating Flpma: Land Use Planning At The Blm, Marcilynn Burke

The Past, Present, and Future of Our Public Lands: Celebrating the 40th Anniversary of the Public Land Law Review Commission’s Report, One Third of the Nation’s Land (Martz Summer Conference, June 2-4)

Presenter: Marcilynn Burke, BLM Deputy Director - Programs and Policy, U.S. Dept. of the Interior, (Washington, D.C.)

30 slides

The Start Of A Revolution: How Shays’ Rebellion Continues Today, Gary P. Opper

Gary P Opper

You might remember from your days in your high school history class the tale of Daniel Shays. He was a poor farmhand from Massachusetts that went on to lead a rebellion against the United States government, whom he and others felt were imposing crushing debt and taxes. Anyone who failed to pay such debts could end up in debtor’s prison and had their property seized.

Shays and his compatriots sought debt relief through lower taxes and receiving funds from the government. They attempted to stop the courts from taking their property by forcing the courts in western Massachusetts to close …