Commercial Law Commons^™

Contract Lore As Heuristic Starting Points, Colin P. Marks

Faculty Works

This article examines the concept of “contract lore,” a term used to describe commonly repeated propositions about contract law that may not accurately reflect how courts actually decide cases. Prior scholarship has suggested that the persistence of such statements reflects aspirational thinking among contract scholars and practitioners, maintained through a form of cognitive dissonance. This article challenges that explanation and instead argues that many examples of contract lore are better understood as heuristic starting points used in legal analysis. Rather than functioning as definitive statements of law, these propositions provide an initial framework from which students, lawyers, and judges begin …

Foreword--Comparative Corporate Law & Governance, Dan W. Puchniak, Randall S. Thomas

Vanderbilt Journal of Transnational Law

Despite the challenges posed by Covid-19, especially for the student editors of the Journal, this special issue has been published on time and has been superbly edited. On behalf of the authors, NUS Law, and the Law & Business Program of Vanderbilt Law School, we would like to express our sincere appreciation to the editor in chief, Joshua D. Minchin, and the entire editorial team of the Vanderbilt Journal of Transnational Law for their remarkable skill, effort, and dedication in these challenging times. Your performance gives us great hope that the future is extremely bright.

The Impossibility Doctrine In Commercial Contracts: An Empirical Analysis, Uri Benoliel

Brooklyn Law Review

The impossibility doctrine – under which a contracting party has no duty to perform the agreement if performance thereof is rendered impossible – is a basic building block of U.S. contract law. The prevailing law-and-economics analysis of this doctrine suggests that when contract performance becomes impossible, courts should assign the contractual risk of non-performance to the superior risk bearer, i.e., to the party that can bear said risk at least cost. This article empirically tests, for the first time, the economic theory of the impossibility doctrine. It first hypothesizes that most sophisticated parties to commercial contracts are unlikely to adopt …

Circuit Board Jurisdiction: Electronic Payments And The Presumption Against Extraterritoriality, Samuel L. Hatcher

Georgia Journal of International & Comparative Law

No abstract provided.

Maine Corporation Law & Practice, Gregory S. Fryer

Maine Law Review

The scarcity of case law in Maine on corporate law issues of the day is a fact of life for corporate law practitioners in this State. While courts in more populous states fill library shelves with an ever-growing mix of corporate law decisions, we in Maine often can only wonder which way our own courts would turn if presented with those same issues. Faced with a limited amount of local case law, corporate lawyers here might rarely venture beyond well-hewn traditions were it not for two-and now three-fortunate developments. First and foremost is the Maine Business Corporation Act. The Act …

Maine Corporation Law & Practice, Gregory S. Fryer

Maine Law Review

The scarcity of case law in Maine on corporate law issues of the day is a fact of life for corporate law practitioners in this State. While courts in more populous states fill library shelves with an ever-growing mix of corporate law decisions, we in Maine often can only wonder which way our own courts would turn if presented with those same issues. Faced with a limited amount of local case law, corporate lawyers here might rarely venture beyond well-hewn traditions were it not for two-and now three-fortunate developments. First and foremost is the Maine Business Corporation Act. The Act …

Developing Robust And Coherent Regional Trade Policy Could Quell The Chaos Surrounding Land Border Closures In Nigeria, Olabisi D. Akinkugbe

Articles, Book Chapters, & Popular Press

Despite the pivotal roles played in the establishment and reform on the Economic Community of West African States (ECOWAS) among other continental initiatives in Africa, significant questions remain whether Nigeria is truly committed to a meaningful regional economic integration regime in the implementation phase. The recent inquest into Nigeria’s regional trade policy has exacerbated because of two major occurrences.

First, Nigeria’s delay in signing the African Continental Free Trade Area Agreement (AfCFTA) led to critical reactions on the readiness of one of Africa’s largest economies to embrace a continental rules-based trade regime. Others, including me, however argued that Nigeria’s delay …

Who Carries The Burden Of Proving Causation In An Erisa Section 409(A) Suit For Breach Of Fiduciary Duty?, Edward Rivin

University of Cincinnati Law Review

No abstract provided.

Business Trusts In China: A Reality Check, Lusina Ho

University of Cincinnati Law Review

No abstract provided.

The Rise Of Business Trusts In Sustainable Neo-Innovative Economies, Lee-Ford Tritt, Ryan Scott Teschner

University of Cincinnati Law Review

No abstract provided.

The Oregon Stewardship Trust: A New Type Of Purpose Trust That Enables Steward-Ownership Of A Business, Susan N. Gary

University of Cincinnati Law Review

No abstract provided.

The New Fiduciaries, Natalya Shnitser

University of Cincinnati Law Review

The regulation of employer-sponsored retirement plans in the United States relies on fiduciary standards drawn from donative trust law to regulate the conduct of those with authority or discretion over plan assets. The mismatch between the trust-based fiduciary framework and the rights and interests of employers and employees has contributed to the high cost of pension fund investing and the significant gaps in pension coverage in the private sector. In recent years, state and local governments have stepped in to reduce the retirement coverage gap by creating state-facilitated retirement savings programs for private-sector workers who lack access to employment-based coverage. …

Indenture Trustee Duties: The Pre-Default Puzzle, Steven L. Schwarcz

University of Cincinnati Law Review

This Article addresses a topic at the intersection of finance, agency, contract, and trust law: the pre-default duties of an indenture trustee for bondholders. The existing scholarship on indenture trustee duties focuses on the post-default scenario, when the indenture trustee is required to act as a prudent person in like circumstances on behalf of the bondholders. No prior scholarship addresses an indenture trustee’s pre-default duties. It is critical to try to define those duties because activist investors in the $42-trillion-plus bond market increasingly are making pre-default demands on indenture trustees, requiring them to know how to respond.

High Crimes: Liability For Directors Of Retail Marijuana Corporations, Lauren A. Newell

Law Faculty Scholarship

Selling retail marijuana in the United States is illegal — or is it? A rising number of states have legalized the retail sale of marijuana and are busily regulating these sales and the companies that make them. Even so, the sale of marijuana is a crime under federal law. Are companies that sell retail marijuana duly sanctioned, productive contributors to their state economies, or are they felons just waiting for the wheels of justice to turn in their direction? At this moment, no one can answer that question with certainty.

What is certain is that more companies are being formed …

Corporate Insolvency Responses In Times Of Covid-19, Aurelio Gurrea-Martinez, Simon Brodie, Pooja Mahajan

Research Collection Yong Pung How School Of Law

Countries are responding to the Covid-19 crisis with a package of legal, financial and regulatory measures that include temporary reforms of their corporate insolvency frameworks. Common corporate insolvency responses adopted across jurisdictions include the suspension or restriction of creditors’ rights to initiate insolvency proceedings, as well as, where applicable, a suspension of directors’ duties to initiate insolvency proceedings and a relaxation of the liability for wrongful trading. Other corporate insolvency responses implemented around the world include: special rules for small companies; new measures to reduce the timing associated with the commencement and duration of insolvency proceedings; amendments to transaction avoidance …

Law In The Time Of Covid-19, Katharina Pistor

Faculty Books

The COVID-19 crisis has ended and upended lives around the globe. In addition to killing over 160,000 people, more than 35,000 in the United States alone, its secondary effects have been as devastating. These secondary effects pose fundamental challenges to the rules that govern our social, political, and economic lives. These rules are the domain of lawyers. Law in the Time of COVID-19 is the product of a joint effort by members of the faculty of Columbia Law School and several law professors from other schools.

This volume offers guidance for thinking about some the most pressing legal issues the …

Modernizing The Bank Charter, David Zaring

William & Mary Law Review

The banking charter—the license a bank needs to obtain before it can open—has become the centerpiece of an argument about what finance should do for the rest of the economy, both in academia and at the banking agencies. Some advocates have proposed using the charter to pursue industrial policy or to end shadow banking. Some regulators have proposed giving financial technology firms bank charters, potentially breaking down the traditionally high walls between banking and commerce. An empirical survey of chartering decisions by the Office of the Comptroller of the Currency suggests that chartering is best understood as an ultracautious licensing …

Equal Treatment Of Shareholders Under The Dual Class Share Structure: Recent Updates Of The Takeover Code In Singapore, Chuanman You

Research Collection Yong Pung How School Of Law

On 24 January 2019, a revised Singapore Code on Take-overs and Mergers (the Take-overs Code) was promulgated by the Monetary Authority of Singapore (MAS) on the advice of the Securities Industry Council (the SIC). The revisions are to ensure that takeover practices targeting at companies with the dual class share (DCS) structures are conducted in compliance with the principle of equal treatment of all shareholders. The key amendments are two-fold: (a) expanding the application of mandatory offer and its dispensation to target companies with the DCS structures. (b) clarifying the fair pricing norms for multiple classes of equity share capital …

Insolvency Law In Times Of Covid-19, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

The international spread of the coronavirus is not only generating dramatic consequences from a social perspective but it is also heavily affecting the global economy. For this reason, governments, financial regulators and international organizations are responding to this pandemic with a package of legal, economic and financial reforms. Among the legal measures included in these packages of reforms, many countries, including Australia, Germany, Spain, India, Singapore, the United Kingdom and the United States, have proposed or implemented several changes to their insolvency frameworks.

Delaware's New Competition, William J. Moon

Northwestern University Law Review

According to the standard account in American corporate law, states compete to supply corporate law to American corporations, with Delaware dominating the market. This “competition” metaphor in turn informs some of the most important policy debates in American corporate law.

This Article complicates the standard account, introducing foreign nations as emerging lawmakers that compete with American states in the increasingly globalized market for corporate law. In recent decades, entrepreneurial foreign nations in offshore islands have used permissive corporate governance rules and specialized business courts to attract publicly traded American corporations. Aided in part by a select group of private sector …

Global Guide: Measures Adopted To Support Businesses Through The Covid-19 Crisis: Singapore, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

After the outbreak of the coronavirus (COVID-19), the Singapore Government responded with a quick and comprehensive package of legal, economic and financial measures that sought to put the economy into hibernation and avoid the destruction of jobs and viable businesses, at least while companies were unable to generate revenues and cash-flows due to a variety of factors, including travel restrictions and lockdowns imposed in many countries around the world. To that end, the Government spent SGD$97.3 billion (that is, around 20% of the country’s GDP) to support businesses, households and employees. Most of this financial support was given in the …

Girik Sebagai Bukti Hak Dalam Pewarisan (Studi Kasus Putusan Ptun Surabaya Nomor 169/G/2018/Ptun.Sby Tahun 2019), Maximillian Billy Tjiotijono

Indonesian Notary

Tesis ini membahas mengenai sengketa tanah waris yang tidak bisa dilakukan proses persertipikatan untuk pertama kalinya oleh sang ahli warisnya. Kasus ini diawali dengan penerbitan Sertipikat Hak Atas Tanah sebidang tanah dengan bukti girik yang dikeluarkan oleh Kepala Kantor Pertanahan Kabupaten Bangkalan, yaitu Sertipikat Hak Milik Nomor 00163 Desa/Kel. Petapan. Penerbitan sertipikat tersebut ternyata merugikan pihak ketiga yang hendak melakukan pendaftaran tanah untuk pertama kalinya atas tanah girik yang dia peroleh dari peristiwa pewarisan sehingga secara hukum, dia kehilangan haknya atas tanah waris tersebut. Oleh karena itu, Sertipikat Hak Milik tersebut seharusnya dibatalkan karena secara nyata merugikan pihak ahli waris. …

Tanggung Jawab Perhimpunan Penghuni Dan Pemilik Satuan Rumah Susun Terhadap Penghuni Rumah Susun (Studi Kasus Apartement Mediterania Palace Residence), Pascalis Bastoto Meliala

Indonesian Notary

Masa Dewasa ini, karena ketersediaan Tanah Khususnya di DKI Jakarta Semakin sedikit, Pembangunan Rumah Tinggal Vertikal menjadi hal yang dapat menjadi Solusi. Apartement atau Rumah Susun adalah salah satu bentuk dari tempat tinggal vertical tersebut. Rumah Susun di Indonesia dimiliki secara pemilikan bersama dengan melihat perbandingan proporsional. Hal ini menyebabkan perlunya dilakukan pengaturan mengenai pengelolaan dan penggundaan. Perhimpunan penghuni dan pemilik satuan rumah susun adalah badan hokum yang bertanggung jawab untuk mengurus kepentingan bersama para pemilik dan penghuni rumah susun. Perhimpunan penghuni ini diatur dalam Peraturan Gubernur nomor 132 tahun 2018 dan Undang-Undang Rumah Susun Nomor 20 tahun 2011. Perhimpunan …

Akta Jual Beli Yang Pembayarannya Ternyata Tidak Lunas Serta Acara Pelepasan Hak Sebagai Cara Memperoleh Tanah (Studi Putusan Pengadilan Negeri Jakarta Timur Nomor Perkara 133/Pdt.G/2018/Pn.Jkt.Tim), Muhammad Biondi Insani

Indonesian Notary

Tesis ini membahas mengenai sengketa yang berasal dari Putusan Pengadilan Negeri Jakarta Timur Nomor Perkara 133/Pdt.G/2018/Pn.Jkt.Tim yaitu mengenai jual beli tanah dengan akta jual beli yang pembayarannya ternyata tidak lunas serta acara pelepasan hak sebagai cara memperoleh tanah. Penulis mencoba membahas permasalahan yang terjadi, dalam kasus yang penulis teliti, terjadi peralihan hak dengan perbuatan hukum jual beli, dan telah dibuat akta jual beli, namun pembayarannya belum lunas, atau baru sebagian, kemudian setelah itu, terjadi upaya dari pihak ketiga untuk memperoleh tanah obyek sengketa dengan acara pelepasan hak. Bentuk penelitian yang digunakan dalam penelitian adalah bentuk penelitian yuridis normatif, yaitu melakukan …

Jual Beli Tanah Dan Bangunan Antara Orang Tua Dan Anak Setelah Salah Satu Orang Tua Meninggal Dunia (Studi Kasus Putusan Pengadilan Negeri Bandung Nomor 265/Pdt.G/2017/Pn.Bdg), Aryani Try Juniarti

Indonesian Notary

Tesis ini membahas mengenai harta bersama perkawinan suami isteri yang tidak dilakukan pembagian setelah putusnya perkawinan karena kematian suami, yang mengakibatkan timbulnya kerancuan terhadap status harta kekayaan pada harta pribadi milik isteri dan harta bersama milik para ahli waris atas harta peninggalan/ warisan bagian suami. Oleh karena hal tersebut, timbul sengketa waris yang diajukan oleh beberapa ahli waris terkait jual beli tanah dan bangunan antara orang tua dan anak setelah salah satu orang tua meninggal dunia. Adapun permasalahan yang diangkat dalam penelitian ini adalah mengenai status harta perkawinan setelah putusnya perkawinan karena kematian, pertimbangan hukum Majelis Hakim dalam memutus perkara …

Perlindungan Terhadap Pemenang Lelang Yang Risalah Lelangnya Dibatalkan Oleh Putusan Pengadilan (Analisis Putusan Pengadilan Tinggi Nomor 247/Pdt/2018/Pt.Bdg Tanggal 23 Juli 2018), Clara Egia Pratami

Indonesian Notary

Lelang telah dikenal di Indonesia sebagai salah satu cara untuk mengalihkan kepemilikan atas benda yang dijadikan jaminan suatu piutang. Pengalihan kepemilikan atas benda yang menjadi jaminan suatu piutang dilakukan melalui cara lelang eksekusi. Pada pelaksanaannya, tidak jarang penyelenggaraan lelang eksekusi mendapatkan gugatan dari pihak ketiga yang berujung pada pembatalan risalah lelang oleh putusan pengadilan. Tesis ini akan membahas salah satu kasus yang berkaitan dengan pembatalan risalah lelang terhadap penyelenggaraan lelang eksekusi oleh Pejabat Lelang Kelas I, yang menganalisis mengenai tanggung jawab Pejabat Lelang Kelas I atas pembatalan risalah lelang yang dibuatnya dan menganalisis mengenai perlindungan yang didapat pemenang lelang dalam …

Perlindungan Hukum Bagi Pemilik Sertifikat Hak Milik Yang Dieksekusi Lelang Oleh Kantor Pelayanan Kekayaan Negara Dan Lelang Tanpa Adanya Akta Pemberian Hak Tanggungan (Studi Putusan Kasasi Nomor 1180/K/Pdt/2017), Frischa Natra Fitra

Indonesian Notary

Surat Kuasa Membankan Hak Tanggungan dapat dieksekusi lelang apabila adanya Akta Pemberian Hak Tanggungan dan Sertifikat Hak Tanggungan. Namun apabila terjadinya dua alas hak yang mana alas hak terakhir merupakan Hak Milik yang diperoleh dengan I’tikad baik oleh pihak ketiga maka dapat menimbulkan masalah hukum. Tesis ini membahas mengenai perlindungan hukum bagi sertikat hak milik yang dieksekusi lelang oleh Kantor Pelayanan Kekayaan Negara dan Lelang tanpa adanya Akta Pemberian Hak Tanggungan;; dan tanggung jawab notaris terhadap akta yang terkait dengan prosedur lelang serta kewajiban pejabat lelang. Metode penelitian tesis ini berupa yuridis normatif dengan tipologi deskriptif-analitis. Berdasarkan hasil penelitian diperoleh …

Akibat Hukum Pembuatan Minuta Berita Acara Rapat Umum Pemegang Saham Luar Biasa Tanpa Kehadiran Notaris, Direktur Utama Dan Pemegang Saham (Studi Putusan Majelis Pengawas Pusat Notaris Nomor 19/B/Mppn/Vii/2019), Ria Santi Oktaviani Manik

Indonesian Notary

Tesis ini membahas tentang Akibat Hukum Pembuatan Minuta Berita Acara Rapat Umum Pemegang Saham Luar Biasa tanpa Kehadiran Notaris, Direktur Utama dan Pemegang Saham. Sering ditemui bahwa Notaris tidak cermat dan kurang hati-hati dalam melakukan pembuatan akta notaris yang berkaitan dengan perseroan sejak lahirnya Sistem Administrasi Badan Hukum (SABH). Permasalahan dalam tesis ini mengenai akibat hukum terhadap minuta berita acara Rapat Umum Pemegang Saham Luar Biasa (RUPS LB) yang dibuat bertentangan dengan ketentuan yang ada serta mengenai tanggung jawab notaris terhadap pemberian PIN (Personal Identity Number) Sistem Administrasi Badan Hukum (SABH) kepada pihak lain. Metode penelitian yang digunakan dalam penulisan …

Kekuatan Pembuktian Grant Sultan Yang Telah D Konversi Menjadi Surat Keterangan Hak Memperusahai Tanah Sebagai Alas Hal Dalam Sengketa Pertanahan Di Sumatera Utara (Studi Putusan Nomor 374/Pdt.G/2015/Pn.Mdn Jo. 353/Pdt/2016/Pt.Medan), Tondi Maratua Harahap

Indonesian Notary

Penelitian ini membahas mengenai sengketa pertanahan di kota Medan, Sumatera Utara antara para ahli waris Sultan Deli X melawan Akhmad Wakidin, Ir. Edy serta Kepala Kantor Pertanahan Kota Medan terkait Grant Sultan yang telah di konversi menjadi Hak Memperusahai Tanah nomor Daftar No. 90/Dbl.KLD/”60 bertanggal 22 Djuli 1960 yang menimbulkan tumpang tindih bukti kepemilikan atas tanah. Permasalahan tersebut kemudin dibawa ke pengadilan oleh ahli Waris Sultan Deli yang menggangap sebagai pemilik sah tanah tersebut. penelitian ini menganalisa mengenai konversi Grant Sultan yang dalam Undang- Undang No 5 Tahun 1960 dalam Ketentuan Konversi Pasal II menyebutkan bahwa Grant Sultan dikonversi menjadi …

Peran Notaris Dalam Kontrak Pengadaan Barang/Jasa Pemerintah (Analisis Putusan Mahkamah Agung Nomor 3689 K/Pdt/2016), Sari Melani

Indonesian Notary

Artikel ini membahas Peran Notaris dalam kontrak Pengadaan Barang/Jasa Pemerintah yang sampai saat ini hanya dibuat dalam bentuk akta di bawah tangan, sehingga tidak mempunyai kekuatan bukti yang sempurna. Kasus mengenai wanprestasi terhadap kontrak pengadaan (dimana para pihak dalam kontrak menggunakan akta di bawah tangan) yang dilakukan oleh Penggugat, mengakibatkan pengugat dikenakan sanksi Daftar Hitam oleh Tergugat. Penelitian ini adalah penelitian kualitatif dengan desain deskriptif-analitis. Hasil penelitian menyarankan bahwa kontrak Pengadaan Barang/Jasa (terutama pekerjaan kompleks) baiknya dibuat dalam bentuk Akta Notaris, sehingga Notaris dapat memberikan penyuluhan hukum (terkait pelaksanaan kontrak sebelum penandatanganan kontrak). Hal ini akan membantu para pihak untuk …