Contracts Commons^™

Unity And Pluralism In Contract Law, Nathan Oman

Michigan Law Review

It is a cliché of contemporary legal scholarship that, in the last few decades, the study of law has witnessed a vast proliferation of competing theoretical approaches. The old faith in the careful honing of doctrinal concepts and the essential usefulness of legal analysis has given way to a cacophony of competing theoretical sects. Economists, moral philosophers, sociologists, historians, and others have stepped forward to offer the insights of this or that discipline as a new and superior path to legal enlightenment. Perhaps nowhere has this cliché been truer than in the realm of contracts scholarship, where, for a generation, …

'Treaties', 'Agreements', 'Contracts' And 'Commitments' - What's In A Name? The Legal Force And Meaning Of Different Forms Of Agreement Making, David Llewelyn, Maureen Tehan

Research Collection Yong Pung How School Of Law

The multi-dimensional nature of treaty and agreement making has assumed a central focus in the conduct of relations between Indigenous peoples and settlers in Australia and elsewhere. Whether as a means of resolving disputes, delivering government programmes, or establishing common understandings, agreement making, however defined and named, has become the key tool for engagement between Indigenous and non-Indigenous Australians. Agreements come in all shapes and sizes ranging from registered Indigenous Land Use Agreements (ILUA) to Statements of Commitment, Memorandums of Understanding and Regional Agreements. In other jurisdictions these may be called 'treaties'. This paper examines the plethora of agreements in …

Literature As An Institution, Bernhard Schlink

Cardozo Law Review

No abstract provided.

The Exit Structure Of Strategic Alliances, D. Gordon Smith

Faculty Scholarship

Today, many biotechnology firms use strategic alliances to contract with other companies. This article contends that the governance structure of these alliances - specifically, the contractual board - provides an integrated restraint on opportunism. While an alliance agreement's exit structure could provide a check on opportunism by allowing the parties to exit at will, such exit provisions also can be used opportunistically. Most alliance agreements, therefore, provide for contractual lock in of the alliance partners, with only limited means of exit. Lock in, of course, raises its own concerns, and the contractual board - which typically is composed of representatives …

A Common Tragedy: Promises To Benefit The Public Interest And The Enforceability Problem, Irma S. Russell

Faculty Works

This article examines the challenge of enforcing promises made to benefit the public, using environmental commitments such as wetland restoration as a central example. It argues that while contractual promises between private parties are routinely enforced, similar promises made to the public often fail due to lack of effective enforcement mechanisms. Drawing on Garrett Hardin’s “Tragedy of the Commons,” the paper explores how individual incentives discourage both performance and enforcement of such promises. The analysis highlights the limitations of agency resources, barriers to citizen enforcement, and the inadequacy of existing legal frameworks to ensure accountability for public benefit commitments. It …

Should Liability Play A Role In The Social Control Of Biobanks?, Larry I. Palmer

Faculty Publications

No abstract provided.

Contract Theory In Nineteenth-Century Indiana Courts: An Argument For Non-Bargain Based Promissory Liability, Paul Dubbeling

Indiana Law Journal

No abstract provided.

Traditional Knowledge & Intellectual Property: A Trips-Compatible Approach, Daniel J. Gervais

Vanderbilt Law School Faculty Publications

Should intellectual property provide a means for strengthening the range of incentives that local communities need for conserving and developing genetic resources and traditional knowledge (TK)? If so, how and at what cost? To be able to suggest answers, a number of issues must be resolved. They are the focus of the Article. First, one must build, and then cross, a cultural bridge to explain current forms of intellectual property to holders of traditional knowledge, including definitional efforts to determine the nature and depth of the overlap(s). This achieves a dual objective: it allows intellectual property circles to understand and …

Rendered Impracticable: Behavioral Economics And The Impracticability Doctrine, Aaron J. Wright

Cardozo Law Review

No abstract provided.

On-Line Consumer Standard-Form Contracting Practices: A Survey And Discussion Of Legal Implications, Robert A. Hillman

Cornell Law Faculty Publications

In a recent article, Standard-Form Contracting in the Electronic Age, 77 N.Y.U. L. Rev. 429 (2002), Jeffery Rachlinski and I analyzed whether contract law's approach to the problem of paper standard forms can effectively govern electronic forms. We thought the rational and cognitive reasons consumers fail to read their paper forms apply in the e-environment. Further, although e-consumers do not face manipulative sales agents or impatient customers waiting in line but, instead, largely contract at home in the evening without time constraints, e-consumers are impatient, even click happy, and therefore still do not read their forms or shop for the …

Price, Path & Pride: Third-Party Closing Opinion Practice Among U.S. Lawyers (A Preliminary Investigation), Jonathan C. Lipson

ExpressO

This article presents the first in-depth exploration of third-party closing opinions, a common but curious – and potentially troubling -- feature of U.S. business law practice. Third-party closing opinions are letters delivered at the closing of most large transactions by the attorney for one party (e.g., the borrower) to the other party (e.g., the lender) offering limited assurance that the transaction will have legal force and effect.

Hundreds, if not thousands, of legal opinions are delivered every week. Yet, lawyers often complain that they create needless risk and cost, and produce little benefit. Closing opinions thus pose a basic question: …

Institutions, Incentives, And Consumer Bankruptcy Reform, Todd Zywicki

George Mason University School of Law Working Papers Series

Consumer bankruptcy filing rates have soared during the past 25 years. From 225,000 filings in 1979, consumer bankruptcies topped 1.5 million during 2004. This relentless upward trend is striking in light of the generally high prosperity, low interest rates, and low unemployment during that period. This anomaly of ever-upward bankruptcy filing rates during a period of economic prosperity had spurred calls to reform the Bankruptcy Code to place new conditions on bankruptcy relief. Although bankruptcy reform has drawn broad bipartisan support on Capitol Hill, these proposals have proven controversial within the academy. Critics have argued that these reforms are unnecessary …

The Notion Of Trust As A Comprehensive Theory Of Contract And Corporate Law: A New Approach To The Conception That The Corporation Is A Nexus Of Contract, Eli Bukspan

ExpressO

The paper argues that the concept of trust is inevitably latent in every contractual relationship, and is best understood as a comprehensive theory and justification of contract law as both trust and contracts (more than any other legal action) are aiming toward the same universal goal of cooperation, risk-taking, and fulfillment of reasonable expectations. Contract law, per se and through its “good faith” doctrine, could then function as an expressive, coercive, and thus corrective legal tool, serving to symbolize, build, and internalize a culture of trust wherever it has failed to develop. Accordingly, while viewing the corporation as a nexus …

Deterrence And Implied Limits On Arbitral Power, Michael A. Scodro

All Faculty Scholarship

No abstract provided.

Apportioning The Risk Of Delay In Construction Projects: A Proposed Alternative To The Inadequate "No Damages For Delay" Clause, Carl S. Beattie

William & Mary Law Review

No abstract provided.

Duty And Consequence: A Non-Conflating Theory Of Promise And Contract, Jeffrey Marc Lipshaw

ExpressO

I argue that the debate between deontologists and consequentialists of contract law conflates and therefore unduly confuses the analysis of each of them. The debate is a reprise of the conflation of reason and knowledge. Present-day legal consequentialists see reason (pure or practical) as unhelpful or worse. Pragmatism, if anything, rules the day. But the present-day rationalists fare no better, seeking to make constitutive claims of knowledge on the basis of reason. Hence the concept of contract as promise has been subject to the criticism that it fails as an explanation of the law (versus an exposition of how our …

The Missing Preferred Return, Victor Fleischer

ExpressO

Managers of buyout funds typically offer their investors an 8% preferred return on their investment before they take a share of any additional profits. Venture capitalists, on the other hand, rarely offer a preferred return. Instead, VCs take their cut from the first dollar of nominal profits. This disparity between venture funds and buyout funds is especially striking because the contracts that determine fund organization and compensation are otherwise very similar. The missing preferred return might suggest that agency costs pose a larger problem in venture capital than previously thought. Is the missing preferred return evidence, perhaps, that VCs are …

Contingency And Contracts: A Philosophy Of Complex Business Transactions, Jeffrey Marc Lipshaw

ExpressO

In this article, I argue that the prevailing literature on contract theory does not adequately address the way real-world lawyers address uncertainty in complex business transactions. I attribute this to the constraints imposed by thinking in legal models, the dominant tendency to turn to economics for analysis and normative prescription, and the focus on adjudicative issues of hindsight interpretation. Commercial uncertainty, and the law’s response to it, is only a subset of the broader philosophical issue of contingency. As an alternative to prevailing thought, I trace philosophical approaches to contingency, utility and morality that have come down to us since …

The Bewitchment Of Intelligence: Language And Ex Post Illusions Of Intention, Jeffrey Marc Lipshaw

ExpressO

Lawyers who negotiate and litigate over complex deals have an intuitive notion of the value of what they do in connection with the contract. The arguments around technical contract language often are a lawyers’ game; in most cases, what is clear would have been clear on a handshake; and what is tightly negotiated bears only a random relationship to the areas of future dispute. If they happen to have drafted tight and clear language around the particular matter in dispute, it is as much luck as foresight. Thereafter complex agreements can have binding effect for years, but most of the …

Defective Products And Product Warranty Claims In Minnesota, J. David Prince

William Mitchell Law Review

Warranty law is an important supplement to tort law principles governing liability for defective products. Warranties arise from promises or assertions associated with either the sale of a product or some other transfer of a product for value. Such promises or assertions about a product may be express, made in the form of the seller’s statements about the qualities or attributes of the product, or they may simply be implied as a matter of policy. Although warranty law is generally regarded today as part of the body of contract law, the origins of warranty lie in tort. Important developments in …

The Doctrine Of Good Faith In Contract Law: A (Nearly) Empty Vessel?, Emily Houh

Faculty Articles and Other Publications

Empty Vessel explores both the positive and normative questions of what the contractually implied obligation of good faith does and should require of contracting parties. The Article attempts to assess and evaluate the ways in which courts are currently employing the good faith doctrine in contract disputes, as part of a larger project whose goal is to re-conceive and reinvigorate the private law doctrine of good faith as one that might assist in effecting the public law norm of equality. Empty Vessel identifies two dominant theoretical approaches to how to define good faith, which I refer to as the fairness …

Losing Rights To Intellectual Property: The Perils Of Contracting With The Federal Government, Katherine White

Law Faculty Research Publications

No abstract provided.

Critical Race Realism: Re-Claiming The Antidiscrimination Principle Through The Doctrine Of Good Faith In Contract Law, Emily Houh

Faculty Articles and Other Publications

This Article employs what it calls "critical race realism" to theorize and propose a common law antidiscrimination claim that incorporates contemporary re-conceptualizations of antidiscrimination jurisprudence and grounds itself doctrinally not in civil rights law but in the contractually implied obligation of good faith. "Critical race realism" refers in part to this Article's explicit goal, in proposing the common law claim, to re-conceive explicitly the private law doctrine of good faith as one that might assist in effecting a public law norm of equality. By employing critical race realism, this Article hopes to help revive the controversy over what constitutes the …

Contractual Liability Of Suppliers Of Defective Software: A Comparison Of The Law Of The United Kingdom And United States, Stephen E. Blythe

Northwestern Journal of International Law & Business

The common law of contracts has its roots in medieval England. Traditional contract law, evolved from the age of feudalism, focused on "hard copy" documents and their authentication. Today, we frequently find ourselves entering into virtual, digital contracts. Instead of signing the written document with a seal, we merely type in our name on the computer screen and click on "I accept." Should contract law be changed to accommodate the digital nature of the modem contract and, if so, to what extent should it be changed? A traditionalist may contend that there is no need to completely overhaul contract law …

My Modest Proposal, Celia R. Taylor

Sturm College of Law: Faculty Scholarship

This essay is modeled on Jonathon Swift's A Modest Proposal and traces its structure and style to argue that the use of the seal as a mechanism for establishing consideration should be returned to contract doctrine. It is a somewhat tongue-in-check treatment of the issue, but done with serious intent. Esteemed contract scholars spill much ink on the topic of the enforceability of donative promises. I suggest that the return of the seal would "free our great thinkers to turn their brilliance to topics of more pressing interest."

Automobile Leasing And The Vicarious Liability Of Lessors, Daniel J. Koevary

Fordham Urban Law Journal

The Comment begins by discussing the New York Vehicle and Traffic Law Section 388, which makes lessors vicariously liable for their cars even when they are begin leased by others, and how this led many car companies in New York to stop offering leases in the 1920's, the Comment will recommends that Section 388 be amended to exclude lessors from vicarious liability. The Comment then goes through the history of Section 388, explains what leasing is and why it is popular, looks at the recent impact of Section 388 which includes several companies have stopped leasing in New York, looks …

Erisa: State Regulation Of Insured Plans After Davila, 38 J. Marshall. L. Rev. 693 (2005), Donald T. Bogan

UIC Law Review

No abstract provided.

Squeezing Subjectivity From The Doctrine Of Unconscionability, Paul Bennett Marrow

Cleveland State Law Review

Issues of unconscionability are most often encountered in two arenas: commercial agreements and family law agreements. In the first arena this Article proposes that the analysis should focus on the impact of a suspect term on the integrity of the contracting system or to an enabling statute. If a contract term materially undermines or compromises the integrity of the system for contracting or the integrity of an enabling statute, it should be found unconscionable. In the family law arena things differ because of the substance of the relationships involved and because the need for mutual consideration is de-emphasized. Accordingly, in …

Evolving Business And Social Norms And Interpretation Rules, Nancy Kim

Faculty Scholarship

Rapid societal and technological changes - such as the rise in electronic commerce, increasing diversity and globalization - create contract interpretation issues that require a dynamic approach. While many modern contractual disputes arise from a confluence of factors, contract doctrine has tended to adopt a unitary approach to problems with an emphasis on interpretation of words. This article argues that non-intuitive interpretation rules work to the disadvantage of language and cultural minorities and should only be used if their purpose is to determine the intent of the parties or to uphold a policy or legislative objective. A dynamic approach is …

My Modest Proposal, Celia Taylor

St. Thomas Law Review

It is a melancholy object to those, who labor in the great area of contract law involving donative promises, or travel in its academic realm, when they see tribunals, courts and other dispute resolution venues, crowded with petitioners of every stripe, followed by clerks with voluminous pleadings, importuning said authorities for aid. These individuals, instead of being able to work at more venerable elements of their calling, are forced to spend time pleading with courts for sustenance for their floundering claims, that as they mature, are either granted entry in to the protective realm of contract law by contorted analysis …