Contracts Commons^™

Review Essay, Learning Contracts Through Current Events: Lawrence Cunningham's Contracts In The Real World, Stories Of Popular Contracts And Why They Matter, Miriam A. Cherry

All Faculty Scholarship

This is a review essay of Professor Lawrence Professor Cunningham’s book Contracts in the Real World: Stories of Popular Contracts and Why They Matter (Cambridge 2012). As implied by the title, the book discusses contract law through the lens of well-known cases and celebrities. Along the way, readers will meet intellectuals such as poet Maya Angelou and the late Dr. Martin Luther King, Jr., as well as celebrities known for controversy, like Paris Hilton, Donald Trump, and Charlie Sheen. Professor Cunningham also deftly analyzes some of the notable contract law issues arising from the global financial crisis and the Bernie …

Vertical Boilerplate, James Gibson

Washington and Lee Law Review

Despite what we learn in law school about the “meeting of the minds,” most contracts are merely boilerplate—take-it-or-leave-it propositions. Negotiation is nonexistent; we rely on our collective market power as consumers to regulate contracts’ content. But boilerplate imposes certain information costs because it often arrives late in the transaction and is hard to understand. If those costs get too high, then the market mechanism fails. So how high are boilerplate’s information costs? A few studies have attempted to measure them, but they all use a “horizontal” approach—i.e., they sample a single stratum of boilerplate and assume that it represents the …

From Lord Coke To Internet Privacy: The Past, Present, And Future Of The Law Of Electronic Contracting, Juliet M. Moringiello, William L. Reynolds

Maryland Law Review

No abstract provided.

Cases And Controversies: Some Things To Do With Contracts Cases,, Charles L. Knapp

Faculty Scholarship

No abstract provided.

Learning Contracts Through Current Events: Lawrence Cunningham’S Contracts In The Real World: Stories Of Popular Contracts And Why They Matter, Miriam A. Cherry

Faculty Publications

(Excerpt)

In his recent book published by Cambridge University Press, Professor Lawrence Cunningham explores the nuances of contract law through current events. His decision to use the contracts of modern-day singers, actors, and entertainers to illustrate contract law principles is an inspired choice that will appeal to today’s law students. The book guides the reader down the well-trodden path of classic contract doctrines and applies those classics in modern, celebrity-laden contexts. In this regard, the book reads like an updated version of Marvin Chirelstein’s classic contracts primer— an easy-to-read and clearly written commentary. Cunningham’s version adds rollicking celebrity stories to …

The Right To Palimony: Why New York Should Change Its Law To Enforce Claims Between Unmarried Cohabitants, Ashley Frankel

Cardozo Journal of Equal Rights & Social Justice

The note advocates for legal reform in New York to align its palimony laws with New Jersey's approach, emphasizing the need for written and attorney-reviewed agreements to reduce ambiguity and litigation. It highlights the growing trend of unmarried cohabitation and the urgency of establishing clear legal frameworks to address the needs of such couples.

Drafting Arbitration Agreements: A Practioner's Guide For Consumer Credit Contracts, Nicole F. Munro, Peter L. Cockrell

Journal of Business & Technology Law

No abstract provided.

Sex Matters: Considering Gender In Consumer Contracting, Amy J. Schmitz

Cardozo Journal of Equal Rights & Social Justice

We hear about the so-called "War on Women" and persisting salary gaps between men and women in the popular media, but contracts scholars and policymakers rarely discuss gender. Instead, dominant voices in the contracts field often reflect classical and economics-driven theories built on assumptions of gender neutral and economically rational actors. Furthermore, many mistakenly assume that market competition and antidiscrimination legislation address any improper biases in contracting. This Article therefore aims to shed light on gender's importance by distilling data from my own e-survey of Colorado consumers along with others' research regarding gender differences in contract outcomes, interests and behaviors. …

The Riai Standard Form Of Contract 2012 Edition: A Review, Tony Cunningham

Other Resources

The RIAI ‘yellow’ and ‘blue’ Forms of Contracts have been recently amended and published as the 2012 edition. The yellow form where quantities form part of the contract is identical to the 2011 edition and has been republished as the 2012 edition. The 2011 version superseded the 2002 version. This paper reviews and synopsises the provisions of the 2012 RIAI ‘yellow’ form of contract and identifies the principle changes to the 2002 edition.

Lexis Nexus Complexus: Comparative Contract Law And International Accounting Collide In The Iasb-Fasb Revenue Recognition Exposure Draft, Kurt S. Schulzke, Gerlinde Berger-Walliser, Pier L. Marchini

Vanderbilt Journal of Transnational Law

U.S. and international accounting-standard setters plan to launch a new, global revenue accounting standard, Revenue from Contracts with Customers, in 2013. Poised at the nexus of comparative contract law and international accounting, the proposal's contract-based revenue recognition model creates new legal risks and opportunities for accountants, lawyers, clients, and financial statement users. Despite its focus on legally enforceable contracts, the proposed standard was drafted without input from the legal community. This Article models the proposal's complex contract-analysis process, demonstrating that its revenue outcomes may vary materially because of seemingly minor interjurisdictional differences in law applicable to "open-price" contracts; offers practice …

Segmented Settlements Are Not The Answer: A Response To Professor Squire’S Article, How Collective Settlements Camouflage The Costs Of Shareholder Lawsuits, Christopher C. French

Faculty Scholarship

In his recent article, Professor Richard Squire offers a provocative theory in which he claims the underlying claimants in shareholder litigation against corporate policyholders are overcompensated due to what he describes as “cramdown” settlements, under which insurers are forced to settle due to the “duty to contribute” that arises under multi-layered directors and officers (“D&O”) insurance programs. He also offers a novel idea regarding how this problem could be fixed by what he refers to as “segmented” settlements in which each insurer and the policyholder would be allowed to settle separately and consider only its own interests in doing so. …

Book Review: Remedies For Breach Of Contract By Solene Rowan, Howard Hunter

Research Collection Yong Pung How School Of Law

No abstract provided.

Party Sophistication And Value Pluralism In Contract, Meredith R. Miller

Touro Law Review

In a previous article, Contract Law, Party Sophistication and the New Formalism, 75 Missouri L. Rev. 493 (2010), I documented a trend in United States case law and scholarship that fashions a dichotomy between sophisticated and unsophisticated parties. That article set out to explain the trend as a theoretical compromise between formalism and realism in the face of a renewed formalism.

However, as I noted in the previous article, the “new formalism” may not be formalism at all because it retains normative concerns. Indeed, the shift in legal thought may be more appropriately and simply characterized as embracing pluralism. This …

Penalty Clauses As Remedies: Exploring Comparative Approaches To Enforceability, Jack Graves

Touro Law Review

No abstract provided.

An Introduction To The Law Of Unjust Enrichment, Alvin W. L. See

Research Collection Yong Pung How School Of Law

The principle that no one shall be unjustly enriched at the expense of another has been invoked to rationalise the right to restitution in a number of cases which fall outside the provinces of contract and tort. This has eventually led to the recognition of an independent legal discipline known as the law of unjust enrichment. It is among the most debated private law subjects today despite its remarkably recent origin. In Malaysia, despite the increase in judicial reference to the language of unjust enrichment to justify an award of restitutionary relief, there is generally a lack of understanding about …

Certainty At Last?: A "New" Framework For Electronic Contracting In Singapore, Eliza Mik

Research Collection Yong Pung How School Of Law

Singapore is the first Asian country to accede to the UNCITRAL Convention on the Use of Electronic Communications in International Contracts (“CUECIC” or “Convention”). Upon accession, the Singaporean Electronic Transactions Act (“ETA” or “Act”) was repealed and re-enacted in a modified version, with effect from 1 July 2010. The modified ETA retains the framework of the original ETA but adds or amends certain provisions dealing with electronic contracting to align domestic e-commerce regulations with the Convention. Accordingly, Singapore is not only the first Asian nation to accede to the CUECIC but also the first nation to implement some of its …

Click To Agree, James Gibson

Law Faculty Publications

The author reports on an analysis that he’s done of the cost to the consumer of actually reading and comprehending the boilerplate contracts that accompanied four computers that he bought, compared to potential consumer benefit.

The Wonder-Clause, Anna Gelpern, Mitu Gulati

Faculty Scholarship

The Greek debt crisis prompted EU officials to embark on a radical reconstruction of the European sovereign debt markets. Prominently featured in this reconstruction was a set of contract provisions called Collective Action Clauses, or CACs. CACs are supposed to help governments and private creditors to renegotiate unsustainable debt contracts, and obviate the need for EU bailouts. But European sovereign debt contacts were already amenable to restructuring; adding CACs could make it harder. Why, then, promote CACs at all, and cast them in such a central role in the market reform initiative? Using interviews with participants in the initiative and …

How Markets Work: The Lawyer’S Version, Mitu Gulati, W. Mark C. Weidemaier

Faculty Scholarship

In this article, we combine two sources of data to shed light on the nature of transactional legal work. The first consists of stories about contracts that circulate widely among elite transactional lawyers. Surprisingly, the stories portray lawyers as ineffective market actors who are uninterested in designing superior contracts, who follow rather than lead industry standards, and who depend on governments and other outside actors to spur innovation and correct mistakes. We juxtapose these stories against a dataset of sovereign bond contracts produced by these same lawyers. While the stories suggest that lawyers do not compete or design innovative contracts, …

Contract As Pattern Language, Erik F. Gerding

Publications

Christopher Alexander’s architectural theory of a "pattern language" influenced the development of object-oriented computer programming. This pattern language framework also explains the design of legal contracts. Moreover, the pattern language rubric explains how legal agreements interlock to create complex transactions and how transactions interconnect to create markets. This pattern language framework helps account for evidence, including from the global financial crisis, of failures in modern contract design.

A pattern represents an encapsulated conceptual solution to a recurring design problem. Patterns save architects and designers from having to reinvent the wheel; they can use solutions that evolved over time to address …