Commercial Law Commons^™

Trademarks, Functionality, And Competition, Glynn Lunney

Faculty Scholarship

Courts and commentators have long thought that the purpose of trademark and unfair competition law is to distinguish fair competition from unfair competition and prohibit the latter. Yet, trademark law has a more fundamental, more foundational purpose. Before trademark law can distinguish fair competition from unfair competition, there must first be competition. That makes ensuring competition trademark law’s highest priority. Identifying and prohibiting unfair competition becomes, by necessity, a subordinate concern. Until 1982, courts recognized this hierarchy and enforced a broad and flexible functionality limitation on trademark or trade dress protection to ensure competitive markets. In 1982, however, this changed. …

Validating Valuation: How Statistical Learning Can Cabin Expert Discretion In Valuation Disputes, Andrew C. Baker, Jonah B. Gelbach, Eric L. Talley

Faculty Scholarship

This article challenges conventional methods used in financial valuation across transactional and litigation domains. We show that conventional valuation methods allow for considerable discretion, making it possible for each side’s experts to submit dramatically varying valuations simply by choosing among facially reasonable values of parameters that must be selected to carry out conventional valuations. We use large-scale empirical simulations powered by real-world data to demonstrate the scope of such discretion. We next consider several alternatives based on data-driven machine learning approaches, and show that they offer both approximately unbiased estimates of valuation and substantially reduced variability in valuation results. Consequently, …

Public, Private, Acquired, Alexander I. Platt, Matthew T. Wansley

Articles

For the last quarter-century, IPOs have been declining. SEC officials usually attribute the decline to startups’ choices to stay private. But that explanation is incomplete. As startups grow, they face a three-way choice between going public, staying private, and being acquired, and they have increasingly chosen the third option. In this Essay, we show how securities regulation pushes startups towards acquisitions by increasing the cost of raising capital and accessing liquidity in both public and private markets. We consider how the trend towards acquisitions could reduce competition, innovation, opportunities for diversification, and transparency. And we offer suggestions for how the …

Insolvency Law In The Global South: Lessons For The Global North, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

Despite the influence of the Global North in many insolvency laws and practices in the Global South, this article shows that the Global South has innovated in many aspects of insolvency law. In some cases, these innovations consist of solutions that, with certain adjustments, have been imported from the Global North. In others, they are really ‘autochthonous innovations’ from the Global South. This article identifies both types of innovations, providing examples from jurisdictions such as Brazil, Chile, China, Colombia, Dominican Republic, India, Malaysia, Mexico, Myanmar, Peru, Philippines, Thailand and Uruguay. More importantly, it will be shown how those innovations from …

Ai Mistakes: "Confabulation" And Abduction, Not "Hallucination", Stephen M. Mcjohn, Ian Mcjohn

Suffolk University Law School Faculty Works

"Hallucination" has become the common term for errors by AI systems, yet it implies a misleading analogy to human perception. LLM's process tokens. They do not have conscious experience or conscious perception. A hallucination is an experience, and (to our knowledge, to date) LLM's do not experience anything. This paper suggests that legal scholars follow the lead of a small number of AI researchers who have suggested that "confabulation" is a more accurate term, a metaphor grounded in psychology. People confabulate when they unknowingly invent spurious explanations or facts. We then take this terminological question and stretch it into a …

Beyond The Shield: The Business Judgment Rule As A Tool For Esg Initiatives, Samuel Hawkinson

Colorado Law Student Scholars

No abstract provided.

Law School News: Isiah Dipina L'27: From Personal Experience To Policy Change 3-26-2026, Jane Govednik

Life of the Law School (1993- )

No abstract provided.

Reverse Breakup Fees And Antitrust Approval, Albert H. Choi, Abraham L. Wickelgren

Law & Economics Working Papers

The paper examines the antitrust implications of use of reverse breakup (termination) fees in mergers. By promising to pay a reverse breakup fee to the target if the proposed merger does not get the necessary antitrust approval, the acquirer can signal to the antitrust authority that the merger is more likely to be pro-competitive. A large reverse breakup fee can also function as a commitment device by the acquirer to spend more resources in case the merger is challenged by the antitrust authority. While the first, signaling function is efficiency enhancing, the second, commitment function can lead to an efficiency …

Bankrupt Crypto Organizations, Kara Bruce, Christopher K. Odinet, Andrea Tosato

Faculty Scholarship

This Article provides the first comprehensive analysis of the intersection between decentralized autonomous organizations (DAOs) and American bankruptcy law. DAOs are blockchain-based entities that enable individuals to pursue common goals using decentralized decision-making and automated governance. Since their recent emergence, DAOs have proliferated dramatically—with over 20,000 organizations managing over $20 billion in assets and engaging in activities ranging from investment management to real estate and even attempting to purchase historic copies of the U.S. Constitution. Yet like any other organization, DAOs can fail, creating an urgent need to understand what happens when unstoppable code meets immovable bankruptcy law.

Our investigation …

Merger Remedies Unbound, Dhruv Aggarwal, Albert H. Choi, Geeyoung Min

Articles

How should foundational contract law doctrines apply to corporate mergers? This Article argues that recent changes in Delaware law grant parties expansive contractual freedom to define their preferred remedies in merger agreements, untethered from the limits imposed by traditional contract law. A new provision in the Delaware corporate code, or the Delaware General Corporation Law (DGCL), permits penalty clauses in merger agreements, notwithstanding the traditional “anti-penalty doctrine” that forbids punitive liquidated damages in contracts. Delaware courts have also shown deference to specific performance provisions, treating them as presumptively enforceable commitments instead of retaining their traditional judicial discretion over the choice …

Hester’S Dubious Roots And Legacy: Open Fields Doctrine Under Scrutiny, Laura K. Donohue

Georgetown Law Faculty Publications and Other Works

For over a century, open fields doctrine has shaped Fourth Amendment law, denying people the right to be secure on their own property. Its application has steadily expanded, with the result that, by some estimates, the Government can now engage in warrantless surveillance of some ninety-six percent of private land and buildings regardless of fences, postings, the distance from public roads or byways, or the use to which the property is put. An originalist approach throws the doctrine into disarray: at the time of the Founding, common law protected the curtilage, which extended to the fields, barns, storehouses, and other …

Designing Contract Modification, Albert H. Choi, George G. Triantis

Articles

For long-term commercial contracts, modification tends to be the norm rather than the exception. While modification often takes place in response to an arrival of new information, contracting parties frequently modify the terms in response to a shift in bargaining power. In this Article, we explain how the flexibility to renegotiate in response to a shift in bargaining power can facilitate long-term contracting and thereby beneficial reliance investments and risk allocation. The prospect of modification can induce contracting parties who expect their bargaining power to improve, such as from the emergence of outside opportunities, to enter into contracts earlier and …

Investigation Expenses, Ryan Vacca

Faculty Publications

Misappropriating trade secrets is usually done in secret. After all, those taking another’s trade secret in violation of state and federal law rarely openly tout their misdeeds. As a result, trade secret owners do not always immediately realize that their trade secret has been misappropriated and must spend significant resources investigating whether misappropriation has occurred and, if so, by whom and to what extent.

An important question frequently arising over the last several years but overlooked in the scholarly literature is whether a trade secret owner’s investigation expenses are recoverable as “actual loss” under state and federal trade secret laws. …

Crypto Litigation And Market Efficiency, Robert E. Bishop, Bradford Levy, Frank Partnoy, Daniel Taylor, Andrew Yeh

Faculty Scholarship

This paper investigates, for the first time in the literature, the factors that should matter to courts in determining whether a crypto  market is “efficient,” meaning that prices are sufficiently responsive to information. Based on new empirical evidence and a series of event studies, we recommend a new judicial framework for assessing market  efficiency in crypto litigation.

Market efficiency tests based on event studies have played an important role in other areas of litigation, particularly securities litigation, where courts frequently rely on what have become known as the “Cammer factors.” Academics have not yet assessed the extent to which market …

Relevance Between Strict Liability Theory And Banking Crimes In The Transfer Of Customer Funds: Negligence And Intent, Astrid Athina Indradewi, Evi Kongres, Ananda Chrisna D. Panjaitan, Evelyn Hutami Gunawarman

Research Collection Yong Pung How School Of Law

This article discusses the relevance of the Strict Liability theory to banking crimes in the transfer of customer funds involving elements of negligence as well as intent committed by bank managers. Strict liability places responsibility on the perpetrator without the need to prove fault, but rather by establishing a causal relationship between the act and the harm. In the context of civil law, Articles 1365 and 1367 of the Indonesian Civil Code recognize a form of liability resembling this concept through the mechanism of vicarious liability, whereby the bank as employer may be held liable for the unlawful acts of …

Bridging The Expectations Gaap In Financial Reporting, Neal F. Newman

Faculty Scholarship

The true nature of auditing publicly traded companies’ financial statements has been somewhat of an enigma to the general public. Due to this mystery, an “expectations gap” has formed between the public expectations of auditors’ roles and what the auditor actually does in their analysis of financial statements. Auditors are an extremely important piece of the financial reporting puzzle because they determine whether or not a company’s financial statements are a fair and accurate reflection of the company’s financial position, a determination that can be a major influence on how the financial strength of a company is perceived. Newman’s Article …

Preventive Settlement As A Preventive Means To Safeguarding Troubled Businesses From Bankruptcy: An Analysis Of The Uae Law, Prof. Mohammad Al Armman

Faculty Peer-Reviewed Papers | بحوث هيئة التدريس المحكمة

his study explores the legal framework surrounding the preventive settlement method and its potential to mitigate bankruptcy risks for troubled commercial enterprises. It enables debtors in financial distress to petition the competent court for protection, helping them avoid default and bankruptcy proceedings. The research employs qualitative and analytical approaches, focusing on the UAE Financial Restructuring and Bankruptcy Law No. 51 of 2023 (FRBL) and relevant case law. The findings indicate that preventive settlement procedures facilitate creditors in recovering their dues, which has a positive impact on the national economy. Consequently, the study recommends incorporating Article 57 FRBL, a requirement that …

Delaware Supreme Court Clarifies Standard Of Review For Advance Notice Bylaw, Robert S. Reder, Noah Nance

Vanderbilt Law School Faculty Publications

Of the myriad corporate defenses erected during the hostile takeover boom of the mid-to-late 1980s, the one that has received the least scrutiny by the Delaware judiciary-at least until recently-is the so-called advance notice bylaw. Advance notice bylaws adopted by corporate boards of directors are "designed and function to permit orderly meetings and election contests and to provide fair warning to the corporation so that it may have sufficient time to respond to shareholder nominations." Kellner v. AIM ImmunoTech Inc., 320 A.3d 229 (Del. July 11, 2024) ("Kellner") (quoting Openwave Sys. Inc. v. Harbinger Cap. Partners Master Fund I, Ltd., …

Report Of The National Expert For The United States In Mapping Third Party Litigation Funding In The European Union, Maya Steinitz

Faculty Scholarship

Commercial third-party litigation funding (“TPLF”) is not centrally regulated in the United States.  It is subject to the overlapping jurisdiction of state and federal courts, state and federal legislatures, regulatory agencies, and bar associations. Legislation, regulation, and oversight of TPLF is being undertaken at each of those levels – much of it centered around the questions of when and whether TPLF should be disclosed; how to mitigate conflicts of interest created by TPLF (including the potential for claimants to lose control over their case to funders); and the identification of any foreign individuals, entities, or countries that may be providing …

The Law On Deposits In Singapore, Tiong Min Yeo

Singapore Law Journal (Lexicon)

This article traces the development of the law of deposits in Singapore and reviews the restatement of the law in the 2024 landmark decision of the Court of Appeal in Li Jialin v Wingcrown Investments Pte Ltd, as well as some of the issues left open by the decision. It is argued that while the decision has clarified that deposits are not subject to the penalty rule but instead subject to the common law test of reasonableness—with the practical consequence that, with clear drafting, contracting parties can rely on the validity of reasonable deposit clauses without the complication of …

Revisiting Letters Of Credit And The Enforceability Of Sanctions Clauses: Case Comment: Kuvera Resources Pte Ltd V Jpmorgan Chase Bank, N.A., Bing Feng, Keith Law

Singapore Law Journal (Lexicon)

This article is a case commentary on the recent Singapore Court of Appeal decision of Kuvera Resources Pte Ltd v JPMorgan Chase Bank, N.A. [2023] 2 SLR 389. It begins with a brief review of the structure of documentary credit transactions before setting out the judgments by the High Court and Court of Appeal. The commentary then examines how both courts rationalised letters of credit within the traditional framework of unilateral contracts, before scrutinising the current position of sanctions clauses within letters of credit. It disagrees with the Court of Appeal’s hesitance towards accepting such clauses, noting that the unilateral …

The New Framework For Directors’ Duty To Creditors And The Challenges Ahead – Foo Kian Beng V Op3 International Pte Ltd (In Liquidation) [2024] 1 Slr 361, Jonathan Ren Hao Cheong

Singapore Law Journal (Lexicon)

In Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] 1 SLR 361, the Singapore Court of Appeal introduced a two-step, three-category framework for evaluating whether a director has breached his fiduciary duty to consider the interests of creditors. This decision not only affirms the traditional understanding of the duty in other common law jurisdictions but also provides directors with clearer guidance on managing the affairs of the company in times of financial distress. This article builds upon the discussion in Foo Kian Beng by evaluating the new framework established by the SGCA. It also identifies potential challenges …

Brief Of Amici Curiae Contract Law Scholars Mark Gergen, Gregory Klass, And Daniel Markovits In Support Of Plaintiffs-Appellants And Reversal, Vera Institute Of Justice V. Department Of Justice, No. 25-5248 (D.C. Cir. Aug. 19, 2025), Mark Gergen, Gregory Klass, Daniel Markovits

Georgetown Law Faculty Publications and Other Works

In Vera Institute of Justice v. Department of Justice, as in a raft of other cases involving constitutional, statutory, and regulatory challenges to the rapid mass cancellation of federal grants or grant programs, the government has deployed jurisdictional arguments in an effort to restrict the judiciary’s ability to review the legality of executive actions. Specifically, the government has attempted to confine jurisdiction over the plaintiffs’ claims to the Federal Court of Claims, which is powerless to remedy the alleged violations. The arguments by which the government would deny judicial review of the plaintiffs’ claims conflate two distinct considerations: first, …

Chancery Court Applies Entire Fairness Standard Of Review In Assessing Actions Of Conflicted Fiduciaries Engaging In "Value-Destructive" Spac Transactions, Robert S. Reder, John Rand Dorney

Vanderbilt Law School Faculty Publications

In the Gig Cases, Vice Chancellor Will followed the line of analysis she first adopted in MultiPlan by applying traditional fiduciary principles to address conflicts inherent in the standard SPAC structure. First, the Vice Chancellor rejected application of the deferential business judgment rule in favor of the more exacting entire fairness standard, finding both a conflicted controller and a conflicted board. While maybe not outcome determinative, this standard of review places a heavy burden on fiduciary defendants that generally precludes pleading stage dismissal. Second, the Vice Chancellor closely parsed language in disclosures made to stockholders to support, at least at …

Boundary-Setting And Choice-Making With No "Adult" In The Room: Professional Identity Formation Opportunities For 1ls In The Transactional Context, Marni Goldstein Caputo, Kathleen Luz

Faculty Scholarship

Law schools are now required by the American Bar Association’s Standard 303(b)(3) to provide students with opportunities for professional identity formation throughout their legal education. It is critical that those opportunities be well-balanced and tied to the realities of practice. Yet until recently, we, as 1L lawyering skills professors at Boston University School of Law, only provided those opportunities in the litigation context. Further, our 1L lawyering skills curriculum was, since its inception, almost entirely steeped in litigation. This litigation focus matches neither the career trajectory nor the upper-level experiential opportunities of the majority of our students. In fact, transactional …

The Safe Harbor For Leveraged Buyouts In Bankruptcy, David G. Carlson

Articles

No abstract provided.

Whither Leviathan? The Seepage Of Constitutional Law Into Public-Private Arbitration In The United States, Peter B. Rutledge

Scholarly Works

The chapter analyses how constitutional law influences private-public arbitration in the United States. Its central thesis is that constitutional law exerts a powerful indirect influence on arbitration law. While the US Constitution does not directly regulate arbitration, its underlying norms—such as separation of powers, federalism, and individual rights—impact arbitration law indirectly. The chapter explores the ways in which these constitutional principles influence public-private arbitration through statutory interpretation, treaty design, and private protocols reflecting constitutional norms. This pattern of influence manifests itself in public arbitration (i.e. arbitration involving states or state-owned entities) just as it does in private arbitration. Highlighting how …

The “Marketplace” Myth: Addressing Amazon’S Defense To Product Liability Claims, Andrew Ackley

Seattle University Law Review Online

Many courts continue to analyze law as if we have not evolved from the early days of the internet, when Facebook was a “social networking” site, AOL made messages “instant,” and eBay let everyone auction random items. The internet connected people. Because it did not touch them, it could not harm them. However, with storefronts closing, brick-and-mortar retail chains declaring bankruptcy, and “Uber lots” popping up at airports, the internet “cloud” has touched down all over the country, and online businesses are now harming people just as human actors and brickand-mortar stores always have.

While generating thousands of new ride …

Central Clearing The U.S. Treasury Market, Yesha Yadav

Vanderbilt Law School Faculty Publications

This Essay considers this regulatory response. It focuses on the introduction of mandatory central clearing for most trades in U.S. Treasuries-a proposal seeking to significantly reshape the day-to-day functioning of the Treasury market.10 Central clearing is a well-established means by which to reduce the risk of loss associated when trading parties default. It does so by providing a well-resourced and informed central counterparty (CCP) to step into and stand behind trades. CCPs help promote stability by reducing the probability of, and potential losses associated with, the default of a trading counterparty. But they also impose certain costs on market participants …

A Call For Clarity In Contractual Accessions To Shareholder And Partnership Agreements, Kwan Ho Lau

Research Collection Yong Pung How School Of Law

This paper explores understudied issues surrounding accessions to shareholder and partnership agreements: the process by which such accessions take effect; the survival of equities following an accession; and the enforcement of a condition for incoming shareholders to have to execute and deliver a deed of accession. Accessions happen extremely often in modern commercial life, which renders surprising the dearth of academic and judicial discussion, but more disconcerting is the unsettledness of some of the complex issues implicated. The repurposing of unilateral contracts to explain how deeds of accession operate is not fully tested in English law; the conception of partial …