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Full-Text Articles in Law
Rewarding Outside Directors, Assaf Hamdani, Reinier Kraakman
Rewarding Outside Directors, Assaf Hamdani, Reinier Kraakman
Michigan Law Review
While they often rely on the threat of penalties to produce deterrence, legal systems rarely use the promise of rewards. In this Article, we consider the use of rewards to motivate director vigilance. Measures to enhance director liability are commonly perceived to be too costly. We, however demonstrate that properly designed reward regimes could match the behavioral incentives offered by negligence-based liability regimes but with significantly lower costs. We further argue that the market itself cannot implement such a regime in the form of equity compensation for directors. We conclude by providing preliminary sketches of two alternative reward regimes. While …
Damage As Requisite To Rescission For Misrepresentation, Glenn A. Mccleary
Damage As Requisite To Rescission For Misrepresentation, Glenn A. Mccleary
Michigan Law Review
The decadence of equity during the nineteenth century has long been an accepted phenomenon. The attempt to make law coincide with morals in the seventeenth and eighteenth centuries was followed in the nineteenth century by the gradual fixing of rules and a consequent stiffening of the legal systems, in which moral principles became lost in a mass of rules derived from such principles. What were once equitable doctrines tended to become mechanical rules. The former strength of equity has been weakened in the various jurisdictions, due in a large measure to the administration of law and equity by the same …
Relations Between Equity And Law, Wesley Newcomb Hohfield
Relations Between Equity And Law, Wesley Newcomb Hohfield
Michigan Law Review
At the last annual meeting of the Association of American Law Schools, Professor Walter W. COOK contributed an interesting address on Equity and its relation to Law. Taking as his more specific subject, "THE PLACE OF EQUITY IN OUR LEGAL SYSTEM," the speaker began his discussion with an extensive quotation from MAITLAND'S LECTURES ON EQUITY,--a work cordially welcomed by that distinguished scholar's many admirers upon its posthumous publication in the fall of 1909.