Contracts Commons^™

The Market As Negotiation, Rebecca E. Hollander-Blumoff, Matthew T. Bodie

All Faculty Scholarship

Our economic system counts on markets to allocate most of our societal resources. The law often treats markets as discrete entities, with a native intelligence and structure that provides clear answers to questions about prices and terms. In reality, of course, markets are much messier—they are agglomerations of negotiations by individual parties. Despite theoretical and empirical work on markets and on negotiation, legal scholars have largely overlooked the connection between the two areas in considering how markets are constructed and regulated.

This Article brings together scholarship in law, economics, sociology, and psychology to better understand the role that negotiation plays …

Foreign Affairs Federalism: The Doctrine Of Foreign Affairs Preemption And State Regulation In Light Of The Paris Agreement, Anagha Sundararajan

University of San Francisco Law Review

No abstract provided.

Smart Contracts: Will Fintech Be The Catalyst For The Next Global Financial Crisis?, Randall Duran, Paul Griffin

Research Collection School Of Computing and Information Systems

Purpose: This paper aims to examine the risks associated with smart contracts, a disruptive financial technology (FinTech) innovation, and assesses how in the future they could threaten the integrity of the global financial system. Design/methodology/approach: A qualitative approach is used to identify risk factors related to the use of new financial innovations, by examining how over-the-counter (OTC) derivatives contributed to the Global Financial Crisis (GFC) which occurred during 2007 and 2008. Based on this analysis, the potential for similar concerns with smart contracts are evaluated, drawing on the failure of The DAO on the Ethereum blockchain, which involved the loss …

Upgrading Unconscionability: A Common Law Ally For A Digital World, Babette E. Boliek

Maryland Law Review

No abstract provided.

Error-Resilient Consumer Contracts, Danielle D'Onfro

Scholarship@WashULaw

When firms contracting with consumers make mistakes, people get hurt. Inaccurate billing, misapplied payments, and similar problems push lucky consumers into kafkaesqe customer-service queues and unlucky ones off the financial cliff. Despite significant regulatory interventions, firms contracting with consumers continue to struggle to accurately bill customers, update accounts, and process payments. Firms largely rely on technology, especially databases and software, to discharge these servicing obligations. This technology must accommodate firms’ innovations in their contracts, shifting regulations, and unpredictable consumer behavior. Given the complexity of servicing, the technology will inevitably produce mistakes even when firms invest in technology. When firms skimp …

Let's Get Serious - The Clear Case For Compensating The Student Athlete - By The Numbers - A University Of Michigan Athletic Program Case Study, Neal Newman

Faculty Scholarship

Should college athletes be compensated for their play and if so, how? The first question has been a debate for some time now. But the second question—the “how”—not so much. This writing addresses both questions in depth. With the Ed O’Bannon case that was decided back in August of 2014 and the palaver the Northwestern football team raised in their efforts to unionize, it is acknowledged that the discussions on this issue may have reached its crescendo years ago. That is until now. On September 27, 2019, Gavin Newsom, the Governor of California, signed into law Senate Bill 206. Senate …

Opening Remarks, Anna Antonova, Michael Burstein

Cardozo Arts & Entertainment Law Journal

The article celebrates the 75th anniversary of the Lanham Act, reflecting on its enduring influence on trademark law while addressing its evolution in response to new legal and technological challenges. It highlights the symposium's exploration of the Act's history, its adaptation to modern issues such as internet-related disputes and First Amendment concerns, and its continued relevance in shaping intellectual property law. The piece also underscores the role of the Cardozo Arts & Entertainment Law Journal as a leading platform for scholarly discourse in intellectual property and related fields.

Fulfilling The Right To Follow: Using Blockchain To Enforce The Artist's Resale Right, Zhao Zhao

Cardozo Arts & Entertainment Law Journal

Visual artists in countries that do not recognize the artist's resale right are at an economic disadvantage, while some countries that recognize the right experience practical difficulties in identifying and tracking resales that are subject to royalty payments for artists. As blockchain technology becomes increasingly applied to the creative industries, the full extent of its potential in enforcing droit de suite by improving the traceability of physical artwork has yet to be realized. Blockchain can be an effective mechanism for enforcing the artist's resale right as an alternative to collective management organizations. Through an analysis of the ability of blockchain …

Coming To Terms: Using Contract Theory To Understand The Detroit Water Shutoffs, Marissa Jackson Sow

Faculty Publications

After the City of Detroit underwent financial takeover and filed the largest municipal bankruptcy in American history in 2013, the city’s emergency manager encouraged mass water shutoffs as a way of making the city’s water utility a more attractive asset for sale— and for privatization—by ridding the water department of its association with bad debt. The sale never took place, but the water shutoff, too, became the largest ever in American history, with over 141,000 homes subjected to water disconnections over a period of over six years. The governor of the State of Michigan ordered that the shutoffs be temporarily …

As Long As You Love Me: The Effects Of Enforcing Prenuptial Agreements On Intimate Partner Violence, Annie L. Zagha

Cardozo Journal of Conflict Resolution

Marriage is a sacrament. Marriage is the life-long commitment of one person to another. Marriage is a safely guarded right, a constitutional protection that has been continually reaffirmed to protect the inviolability of unions. But what happens when a marriage fails to live up to its idealized and fantastical notion and begins to develop into a primary source of mental, physical, and emotional pain for an individual? What takes place when marriage is being used as a shield for coercive-and potentially lethal behavior?

The Ordinary Authors Of The Bureau Of New Plays: Copyright And Reallocating Authority In The American Theatre (1936-1949), Brent Salter

Cardozo Arts & Entertainment Law Journal

This Article examines the brief history of the Bureau of New Plays, a nonprofit enterprise funded in 1936 by seven major Hollywood film studios and administered by the Theatre Guild's Theresa Helburn, to identify and develop talented young American playwrights. A study of the Bureau of New Plays provides a window into the authority that playwrights, and particularly younger writers, exercised over the work they created. In one respect, the establishment of the Bureau of New Plays complemented American copyright's general trajectory toward the expansion of the rights of the individual author, and in the context of the theatre the …

A Unified Theory Of Code Connected Contracts, Carla L. Reyes

Faculty Journal Articles and Book Chapters

Smart contracts and their promise of automatic performance capture legal and entrepreneurial imaginations. But the excitement around the technology led to some confusing legal responses. Several legal scholars use chronology to help reduce the confusion and place smart contracts within what is already familiar about computational contracting. According to this line of thinking, blockchain-based smart contracts simply represent the next technological advancement in a long history of computable contracting technologies. However, other scholarly work suggests that such a chronological explanation under-simplifies the nature of the linkages between smart contracts and other forms of code-connected contracts. This Article offers a unified …

An Estate Plan For Kanye West, Thomas E. Simmons

Cardozo Arts & Entertainment Law Journal

One inventory item in megastar Kanye West's vast portfolio of assets merits a unique sort of care and safeguarding his right ofpublicity. The right ofpublicity is a property interest which represents the commercial value of a celebrity's name, image, and likeness. In some states, including California, the right survives the celebrity's death and is freely alienable and devisable. A protective arrangement, such as a trust, is often pursued to impose postmortem use and transferability restrictions on property that has particular importance to the testator. This Article proposes a noncharitable purpose trust as a means by which Kanye West's right of …

The Secrets Behind Reality Television Shows And Their Unconscionable Contracts, Stephanie Rimberg

Cardozo Arts & Entertainment Law Journal

The note argues that reality television show contracts are often unconscionable due to the significant imbalance of power between producers and participants. These contracts frequently classify participants as independent contractors, despite their integral role in the show, and include provisions that are procedurally and substantively unfair, such as disclaimers of liability and arbitration clauses. The author contends that these contracts violate California contract law and public policy, advocating for participants to be reclassified as employees and for contracts to be amended to protect their rights.

Partnership, Democracy, And Self-Rule In Jewish Law, Daniel J.H. Greenwood

Touro Law Review

Liberal political theory has long relied on a metaphor of contract: autonomous adults coming together to agree, by unanimous consent, on the basic structure of a just society. But contract is a strange metaphor with which to explain society. Contract law is based on a morality of strangers acting at arms-length. In contrast, decent societies and the governments they set for themselves must be based on a commitment of mutual responsibility. What makes us fellow citizens—fellows of any variety—is accepting that we are all in this together. Jewish legal and midrashic traditions can be a useful corrective to the atomistic …

The Market As Negotiation, Rebecca E. Hollander-Blumoff, Matthew T. Bodie

Scholarship@WashULaw

Our economic system counts on markets to allocate most of our societal resources. The law often treats markets as discrete entities, with a native intelligence and structure that provides clear answers to questions about prices and terms. In reality, of course, markets are much messier—they are agglomerations of negotiations by individual parties. Despite theoretical and empirical work on markets and on negotiation, legal scholars have largely overlooked the connection between the two areas in considering how markets are constructed and regulated.

This Article brings together scholarship in law, economics, sociology, and psychology to better understand the role that negotiation plays …

The Efficient Breach Theory In International Investment Law, Sangwani Patrick Ng’Ambi

Northwestern Journal of International Law & Business

When a State unilaterally abrogates its contractual obligations, it is under a duty to compensate the investor. The aim of the compensation regime under International Investment Law is to restore the investor to a position he or she would have been in had the breach not taken place. Thus, the award of compensation should not only include sunk costs (damnum emergens) but also lost future profits (lucrum cessans).

In this article it is argued that the rules relating to compensation promote efficiency, as per the ‘efficient breach theory’ because they dissuade governments from unilaterally abrogating concession agreements, unless they can …

A Right For Retirement Unconscionable Contracts, The Right (Not) To Associate, And Citizens United, Paul S. Miller

American University Law Review

The doctrine of unconscionable contracts is an equity doctrine. As such, it does not ask whether an agreement is or is not an enforceable contract; legality has no bearing. Rather, the doctrine asks whether it would be it be fit and proper . . . would it be fair . . . for a court to enforce such a contract. Using the doctrine, courts examine whether the price paid for a good or service far outstrips any benefit gained.

What if that price is the surrender of a basic right, the Right (Not) to Associate? The Supreme Court says that …

Preserving Procreative Potential With A Smart Prenuptial Agreement, Lynda Wray Black, Chelsea E. Caldwell

FIU Law Review

No abstract provided.

Contract Law In The Agri-Food Supply Chain, Bianca Gardella Tedeschi

FIU Law Review

No abstract provided.

Commentary On Gruen V. Gruen, Richard H. Chused

Articles & Chapters

No abstract provided.

The Billion Dollar Industry That Has Never Paid Its Money-Makers: The Ncaa’S Attempt At Compensation Through Names, Images And Likeness, Christopher Palmieri

Touro Law Review

The National Collegiate Athletic Association (“NCAA”) has regulated collegiate sports for over one hundred years. The NCAA has long relied upon the principle of amateurism to prohibit college athletes from profiting from their name, image and likeness (“NILs”). However, recently this principle has drawn a lot of attention and has all but crumbled. States across the nation have passed legislation that will soon come into effect to bypass the NCAA bylaws and allow student athletes to profit from their NILs, even the United States Supreme Court has called the NCAA’s business model into question. This has left the NCAA with …

Arthur Linton Corbin, Gregory Klass

Georgetown Law Faculty Publications and Other Works

This chapter on Arthur Linton Corbin will appear in the forthcoming collection, Scholars of Contract Law. The chapter provides a brief summary of Corbin’s life, then discusses five topics: Corbin’s Socratic approach to the classroom and his introduction of the caselaw method at Yale; Corbin’s analytic approach, which was inspired by Hohfeld and is illustrated by Corbin’s definitions of “contract” and “consideration”; Corbin’s evolutionary theory of the common law, his understanding of the relationship between law and social mores, and his insistence that legal rules always be treated as mere “working rules”; Corbin’s occasional appeal, despite his general aversion …

The Domains Of Loyalty: Relationships Between Fiduciary Obligation And Intrinsic Motivation, Deborah A. Demott

Faculty Scholarship

Recent scholarly inquiry into fiduciary law predominantly focuses on whether the subject is a coherent field and not a piecemeal assortment of doctrinal detail. This Article looks to the future and to relationships between the formal domain of fiduciary law and other factors that shape conduct. These include intrinsic motivation, markets for professional services, and forces like the operation of reputation. The Article demonstrates that looking across domains, from the legal to the extralegal, casts in sharp relief the reasons why fiduciary law is distinctive. These stem from the specific qualities of relationships to which fiduciary law applies, as well …

The Cost Of Guilty Breach: Willful Breach In M&A Contracts, Theresa Arnold, Amanda Dixon, Madison Whalen Sherrill, Hadar Tanne, Mitu Gulati

Faculty Scholarship

The traditional framework of United States private law that every first-year student learns is that contracts and torts are different realms—contracts is the realm of strict liability and torts of fault. Contracts, we learn from the writings of Justice Holmes and Judge Posner, are best viewed as options; they give parties the option to perform or pay damages. The question we ask is whether, in the real world, that is indeed how contracting parties view things. Using a dataset made up of one thousand mergers and acquisitions (M&A) contracts and thirty in-depth interviews with M&A lawyers, we find that there …

Sneak In Contracts, Shmuel I. Becher, Uri Benoliel

Georgia Law Review

Consumer contracts are a pervasive legal tool that govern
many of our daily activities. Yet, consumer contracts are
routinely modified by businesses after customers accept them.
Common modifications include, for example, a change in fees,
alteration of a dispute resolution clause, or revision to the firm’s
privacy policy. In fact, unilateral modifications can affect
virtually every aspect of a contract.
While the literature widely discusses the problem of ex ante
consent to consumer contracts, it does not adequately address
the problem of ex post consent to unilateral modifications. But
the practice of unilateral changes to consumer form contracts
comes with …

Would Reasonable People Endorse A ‘Content-Neutral’ Law Of Contract?, Aditi Bagchi

Faculty Scholarship

This essay raises two challenges to Peter Benson’s compelling new account of contract law. First, I argue that Benson’s use of the concept of reasonableness goes beyond the Rawlsian account to require that we impute to others a capacity to transcend their contingent circumstances in the context of contractual choice. In fact, our choices in contract are driven by external contingencies and it is only reasonable to take those constrains on other people’s choices into account. Second, I contest Benson’s related claim that contract law should be, and largely is, content-neutral. I argue to the contrary that the justice of …

Getting Real About Procedure: Changing How We Think, Write And Teach About American Civil Procedure, Suzette M. Malveaux

Publications

No abstract provided.

How Supreme Court Precedent Sheds Light On Corporate Bill Of Attainder Claims, Alina Veneziano

Seattle Journal for Social Justice

No abstract provided.

The New Decade Of Construction Contracts: Technological And Climate Considerations For Owners, Designers, And Builders, Geoffrey F. Palachuk

Seattle Journal of Technology, Environmental, & Innovation Law

In the next decade, the construction industry faces two intertwined risks: implementation of new technologies and the impacts of climate change. Those overlapping risks will present both practical and legal issues for design professionals, developers, builders, legislators, and the public at large. Although the average participant in the construction industry may not think twice about the emergence or adoption of new technologies, or the effect of climate change on the completed project, those issues present nuanced legal implications. Construction projects and their contracts must adapt. While companies seek to implement new technologies, provide sustainable products, optimize project systems, and maximize …