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Articles 121 - 150 of 212
Full-Text Articles in Commercial Law
Known And Unknown, Property And Contract: Comments On Hoofnagle And Moringiello, James Grimmelmann
Known And Unknown, Property And Contract: Comments On Hoofnagle And Moringiello, James Grimmelmann
Faculty Scholarship
No abstract provided.
Commercial Or Advertising Purpose Under Florida Statutes Section 540.08 Demystified, Michael L. Richmond
Commercial Or Advertising Purpose Under Florida Statutes Section 540.08 Demystified, Michael L. Richmond
Faculty Scholarship
No abstract provided.
Freedom Of Contract Vs. Free Alienability: An Old Struggle Emerges In A New Context, Neil B. Cohen, William Henning
Freedom Of Contract Vs. Free Alienability: An Old Struggle Emerges In A New Context, Neil B. Cohen, William Henning
Faculty Scholarship
No abstract provided.
Construction Defects: Are They “Occurrences”?, Chris French
Construction Defects: Are They “Occurrences”?, Chris French
Faculty Scholarship
An issue in the area of insurance law that has been litigated frequently in recent years is whether construction defects are “occurrences” under Commercial General Liability (“CGL”) insurance policies. The courts have been divided in deciding the issue and in their approaches to analyzing the issue. This article addresses how the issue should be analyzed and concludes that construction defects are “occurrences”. The relevant rules of insurance policy interpretation dictate that construction defects are “occurrences”. Policy language should be interpreted in such a way as to fulfill the reasonable expectations of the policyholder when the policy is construed as a …
Somebody's Watching Me: Fcpa Monitorships And How They Can Work Better, F. Joseph Warin, Michael S. Diamant, Veronica S. Root
Somebody's Watching Me: Fcpa Monitorships And How They Can Work Better, F. Joseph Warin, Michael S. Diamant, Veronica S. Root
Faculty Scholarship
This article explores the rise of the corporate compliance monitor as a condition for settling violations of the U.S. Foreign Corrupt Practices Act (“FCPA”) — a setting in which federal prosecutors routinely impose monitors. If U.S. enforcement authorities maintain their current approach, the reality is that companies facing liability for violating the FCPA are likely to have a monitor imposed on them as part of a settlement agreement. From the U.S. government’s perspective, monitorships make sense for companies that violate anti-bribery laws, making it important for offending corporations to learn how to deal with monitors. Pulling from the authors’ extensive …
Rethinking The Laws Of Good Faith Purchase, Alan Schwartz, Robert E. Scott
Rethinking The Laws Of Good Faith Purchase, Alan Schwartz, Robert E. Scott
Faculty Scholarship
This Essay is a comparative economic analysis of the disparate doctrines governing the good faith purchase of stolen or misappropriated goods. We argue that prior treatments have misconceived the problem. An owner will take optimal precautions to prevent theft if she is faced with the loss of her goods; and a purchaser will make an optimal investigation into his seller's title if faced with the loss of the goods. An owner and a buyer cannot both be faced with the full loss, however. This presents a problem of "double moral hazard" and it cannot be solved in a first-best efficient …
Resolving The Dilemma Of Nonjusticiable Causation In Failure-To-Warn Litigation, Neil B. Cohen, Aaron Twerski
Resolving The Dilemma Of Nonjusticiable Causation In Failure-To-Warn Litigation, Neil B. Cohen, Aaron Twerski
Faculty Scholarship
No abstract provided.
The Costs Of Liquidity Enhancement: Transparency, Risk Alteration And Coordination Problems, Edward J. Janger
The Costs Of Liquidity Enhancement: Transparency, Risk Alteration And Coordination Problems, Edward J. Janger
Faculty Scholarship
No abstract provided.
Distorting Legal Principles, Steven L. Schwarcz
Distorting Legal Principles, Steven L. Schwarcz
Faculty Scholarship
Legal principles enable society to order itself by preserving broadly based expectations. Sometimes, however, parties transact in ways that are so inconsistent with generally accepted principles as to create uncertainty or confusion that undermines the basis for reasoning afforded by the principles. Such a distortion might occur, for example, if a normally mandatory legal rule were unexpectedly treated as a default rule. This article explores the problem of distorting legal principles, initially focusing on rehypothecation, a distortion whose uncertainty and confusion contributed to the downfall of Lehman Brothers and the resulting global financial crisis. But not all distortions are, on …
Promoting Commercial Law Reform In Eastern Europe, Samuel Bufford
Promoting Commercial Law Reform In Eastern Europe, Samuel Bufford
Faculty Scholarship
This article is my account of what I did in a decade of advising governments and teaching judicial seminars on commercial law matters in Central and Eastern Europe, beginning in 1991. This article contains my individual reflections on more than a dozen visits to developing countries in Central and Eastern Europe to advise governments and to educate their judges, and several visits of judges from some of those countries to the United States. In many ways, my experiences are typical of United States judges who have done the same kind of work in developing countries. In some ways, my experiences …
The Costs Of Liquidity Enhancement: Transparency Cost, Risk Alteration, And Coordination Problems, Edward J. Janger
The Costs Of Liquidity Enhancement: Transparency Cost, Risk Alteration, And Coordination Problems, Edward J. Janger
Faculty Scholarship
No abstract provided.
The (Misunderstood) Genius Of American Corporate Law, Robert B. Ahdieh
The (Misunderstood) Genius Of American Corporate Law, Robert B. Ahdieh
Faculty Scholarship
In this Reply, I respond to comments by Bill Bratton, Larry Cunningham, and Todd Henderson on my recent paper - Trapped in a Metaphor: The Limited Implications of Federalism for Corporate Governance. I begin by reiterating my basic thesis - that state competition should be understood to have little consequence for corporate governance, if (as charter competition's advocates assume) capital-market-driven managerial competition is also at work. I then consider some of the thoughtful critiques of this claim, before suggesting ways in which the comments highlight just the kind of comparative institutional analysis my paper counsels. Rather than a stark choice …
Trapped In A Metaphor: The Limited Implications Of Federalism For Corporate Governance, Robert B. Ahdieh
Trapped In A Metaphor: The Limited Implications Of Federalism For Corporate Governance, Robert B. Ahdieh
Faculty Scholarship
Trapped in a metaphor articulated at the founding of modern corporate law, the study of corporate governance has - for some thirty years - been asking the wrong questions. Rather than a singular race among states, whether to the bottom or the top, the synthesis of William Cary and Ralph Winter’s famous exchange is better understood as two competitions, each serving distinct normative ends. Managerial competition advances the project that has motivated corporate law since Adolf Berle and Gardiner Means - effective regulation of the separation of ownership and control. State competition, by contrast, does not promote a race to …
More Pedagogic Techniques: Online Exercises & (And) Integrating Skills Into Different Kinds Of Courses, Leslie Larkin Cooney
More Pedagogic Techniques: Online Exercises & (And) Integrating Skills Into Different Kinds Of Courses, Leslie Larkin Cooney
Faculty Scholarship
The Business Practice Clinic is an externship program that sends third-year students out to work either full-time or part-time in an agency or law firm. The externs are trained in the clinical program and during a biweekly class. There is also a three-credit class that students complete before they go into extern placement. It was a big challenge to complete the placement class in only two weeks because of the students’ busy schedules, so we began offering pieces of it online. We are moving more and more of this course to our online platform. This article discusses our experience in …
Altruism And Intermediation In The Market For Babies, Kimberly D. Krawiec
Altruism And Intermediation In The Market For Babies, Kimberly D. Krawiec
Faculty Scholarship
Central to every legal system is the principle that certain items are off-limits to commercial exchange. In theory, babies are one such sacred object. This supposed ban on baby selling has been lamented by those who view commercial markets as the most efficient means of allocating resources, and defended by those who contend that commercial markets in parental rights commodify human beings, compromise individual dignity, or jeopardize fundamental values. However, the supposed and much-discussed baby selling ban does not, and is not intended to, eliminate commercial transactions in children. Instead, it is an asymmetric legal restriction that limits the ability …
Preamble I: Purposes, Legal Nature, And Scope Of The Picc; Applicability By Courts; Use Of The Picc For The Purpose Of Interpretation And Supplementation And As A Model, Ralf Michaels
Faculty Scholarship
Professor Michael's chapter provides commentary on Preamble I of the UNIDROIT Principles of International Commercial Contracts. Areas covered include purposes, legal nature and scope of the PICC; applicability by courts; use of the PICC for the purpose of interpretation and supplementation and as a model.
Restating The U.S. Law Of International Commercial Arbitration, George A. Bermann
Restating The U.S. Law Of International Commercial Arbitration, George A. Bermann
Faculty Scholarship
The American Law Institute's new Restatement of the U.S. Law of International Commercial Arbitration is only barely underway, and the reporters began with a chapter, on the recognition and enforcement of awards, that should represent for them a comfort zone of sorts within the overall project. Yet already a number of difficult, and to some extent unexpectedly difficult, questions have arisen. Some of the difficulties stem from the very nature of an ALl Restatement project. Others stem from the nature of arbitration itself and, more particularly, from the inherent tension between arbitral and judicial functions in the arbitration arena. Still …
Introduction: Beyond The State? Rethinking Private Law, Ralf Michaels, Nils Jansen
Introduction: Beyond The State? Rethinking Private Law, Ralf Michaels, Nils Jansen
Faculty Scholarship
Introduction to an issue of the journal that brings together the papers presented, as revised by the participants, at a conference held at the Max Planck Institute for Comparative and International Private Law in Hamburg, Germany in the summer of 2007.
Should Securities Industry Self-Regulatory Organizations Be Considered Government Agencies?, Roberta S. Karmel
Should Securities Industry Self-Regulatory Organizations Be Considered Government Agencies?, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
The Role Of Financial Regulation In Private Financial Firms: Risk Management And The Limitations Of The Market Model, James A. Fanto
The Role Of Financial Regulation In Private Financial Firms: Risk Management And The Limitations Of The Market Model, James A. Fanto
Faculty Scholarship
No abstract provided.
The American Law Institute Goes Global: The Restatement Of International Commercial Arbitration, George A. Bermann
The American Law Institute Goes Global: The Restatement Of International Commercial Arbitration, George A. Bermann
Faculty Scholarship
The American Law Institute's new Restatement of the U.S. Law of International Commercial Arbitration is only barely underway, and the reporters began with a chapter, namely the recognition and enforcement of awards, that should represent for them a comfort zone of sorts within the overall project. Yet, already a number of difficult, and to some extent unexpectedly difficult, questions have arisen. Some of the difficulties stem from the very nature of an ALI Restatement project. Others stem from the nature of arbitration itself and, more particularly, from the inherent tension between arbitral and judicial functions in the arbitration arena. Still …
The Dialectical Regulation Of Rule 14a-8: Intersystemic Governance In Corporate Law, Robert B. Ahdieh
The Dialectical Regulation Of Rule 14a-8: Intersystemic Governance In Corporate Law, Robert B. Ahdieh
Faculty Scholarship
In recent years, Rule 14a-8 of the Securities Exchange Act - first adopted more than sixty years ago to increase shareholder participation in corporate governance - has been the subject of a flurry of litigation, scholarly analysis, and SEC rulemaking. Most recently, following several years of debate, the SEC issued a significant clarification of the rule, reversing the Second Circuit's hotly contested interpretation of it in AFSCME v. AIG. For the most part, the debates surrounding Rule 14a-8 - including in the latter case - have focused on the scope of the rule's exceptions. This paper, selected for reprinting in …
Classified Boards And Firm Value, Michael D. Frakes
Classified Boards And Firm Value, Michael D. Frakes
Faculty Scholarship
Classified boards constitute one of the most potent takeover defenses for U.S. firms today. However, as with takeover defenses more generally, economic theory offers an ambiguous prediction as to the effect that classified boards have on bottom-line firm value. A resolution of this ambiguity will require sound and convincing empirical methodology. In an effort to address limitations in the existing empirical literature, this article approaches the relationship between corporate governance and firm value while taking various measures to account for unobserved sources of heterogeneity across firms. Using the instrumental variables model developed by Hausman and Taylor, I find evidence of …
The True Lex Mercatoria: Private Law Beyond The State, Ralf Michaels
The True Lex Mercatoria: Private Law Beyond The State, Ralf Michaels
Faculty Scholarship
Is there an anational lex mercatoria, a "global law without a state?" The debate seems infinite. Some argue that the rules, institutions, and procedures of international arbitration have now achieved a sufficient degree both of autonomy from the state and of legal character that they represent such an anational law. Others respond that whatever law merchant may exist is really state law—dependent on national norms and the freedom of contract they provide, and on the enforceability of arbitral awards by national courts. This paper suggests that the dichotomy of anational law and state law is false. Although an anational law …
The Calamitous Law Of Notes, Neil B. Cohen
Oy Canada! Trade's Non-Solution To "The Problem" Of U.S. Drug Prices, Daniel Gilman
Oy Canada! Trade's Non-Solution To "The Problem" Of U.S. Drug Prices, Daniel Gilman
Faculty Scholarship
Price disparities—price “differentiation” or “discrimination”—in pharmaceuticals markets have, in recent years, been the subject of much discussion. Price sensitivity should come as no surprise: Medicines play an increasingly important role in healthcare, while pharmaceuticals prices continue to rise. When prices vary greatly within markets or between neighboring markets, the pressure towards arbitrage is clear. This paper considers the question whether the re-importation of medicines from Canada or the EU is well advised and argues that it is not. First, we might reasonably question the extent to which we wish, as a matter of policy, to manage pharmaceuticals pricing; among other …
Dialectical Regulation, Robert B. Ahdieh
Dialectical Regulation, Robert B. Ahdieh
Faculty Scholarship
While theories of regulation abound, woefully inadequate attention has been given to growing patterns of "intersystemic" and "dialectical" regulation in the world today. In this rapidly expanding universe of interactions, independent regulatory agencies, born of autonomous jurisdictions, nonetheless face a combination of jurisdictional overlap with, and regulatory dependence on, one another. Here, the cross-jurisdictional interaction of regulators is no longer the voluntary interaction embraced by transnationalists; it is, instead, an unavoidable reality of acknowledgement and engagement, potentially culminating in the integration of discrete sets of regulatory rules into a collective whole.
Such patterns of regulatory engagement are increasingly evident, across …
Rankings, Reductionism, And Responsibility, Frank Pasquale
Rankings, Reductionism, And Responsibility, Frank Pasquale
Faculty Scholarship
After discussing how search engines operate, and sketching a normative basis for regulation of the rankings they generate, this piece proposes some minor, non-intrusive legal remedies for those who claim that they are harmed by search engine results. Such harms include unwanted (but high-ranking) results relating to them, or exclusion from high-ranking results they claim they are due to appear on. In the first case (deemed inclusion harm), I propose a right not to suppress the results, but merely to add an asterisk to the hyperlink directing web users to them, which would lead to the complainant's own comment on …
From St. Ives To Cyberspace: The Modern Distortion Of The Medieval ‘Law Merchant’, Stephen E. Sachs
From St. Ives To Cyberspace: The Modern Distortion Of The Medieval ‘Law Merchant’, Stephen E. Sachs
Faculty Scholarship
Modern advocates of corporate self-regulation have drawn unlikely inspiration from the Middle Ages. On the traditional view of history, medieval merchants who wandered from fair to fair were not governed by domestic laws, but by their own lex mercatoria, or "law merchant. " This law, which uniformly regulated commerce across Europe, was supposedly produced by an autonomous merchant class, interpreted in private courts, and enforced through private sanctions rather than state coercion. Contemporary writers have treated global corporations as descendants of these itinerant traders, urging them to replace conflicting national laws with a transnational law of their own creation. The …
Private Law Beyond The State? Europeanization, Globalization, Privatization, Ralf Michaels, Nils Jansen
Private Law Beyond The State? Europeanization, Globalization, Privatization, Ralf Michaels, Nils Jansen
Faculty Scholarship
Although the changing relation between private law and the state has become the subject of many debates, these debates are often unsatisfactory. Concepts like 'law', 'private law', and 'globalization' have unclear and shifting meanings; discussions are confined to specific questions and do not connect with similar discussions taking place elsewhere. In order to initiate the necessary broader approach, this article brings together the pertinent themes and aspects from various debates. It proposes a conceptual clarification of key notions in the debate- "private law," "state," "Europeanization," "globalization," and "privatization"- that should be of use beyond the immediate purposes of the rest …