Contracts Commons^™

Uptier Debt Exchange Transactions: A Winner-Take-All Battle In The Leveraged Loan Market, Angela Chang

Brooklyn Law Review

This Note explores the legal implications of uptier debt exchange transactions (UDETs) in the syndicated loan market. These transactions are restructuring strategies that allow distressed companies to exchange existing debt for “superpriority” debt, often to the detriment of excluded creditors. The Bankruptcy Code aims to balance debtor relief with creditor rights, but, as this Note demonstrates, UDETs exploit ambiguities in credit agreements to shift priorities in favor of certain lenders. This Note examines the pivotal case of In re Serta Simmons Bedding, LLC, a decision which highlighted the need for creditors to reassess whether the flexibility of their credit agreements …

Aff Iv 200 Miami, Llc, V. Andrew Avi Greenbaum, Order On Defendants' Motions, Wesley B. Tailor

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

Changemakers: Sarah Jane Pruell L'25 : 3l : All The Right Reasons 2-10-2025, Suzi Morales, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.

Law School News: All The Right Reasons 2-10-2025, Suzi Morales

Life of the Law School (1993- )

No abstract provided.

Delivery Drivers Deserve The Whole Package: Package Delivery Drivers And The Transportation Worker Exemption Of The Federal Arbitration Act, Evan Kelly

Catholic University Law Review

Package delivery is a ubiquitous part of modern American life, and package delivery driving is a fast-growing occupation in the United States. These drivers work long hours in a fast-paced, highly regimented environment, and because of arbitration agreements they are made to sign, they often cannot go to court to settle disputes with their employers. Under the Federal Arbitration Act (FAA), these arbitration agreements are generally “valid, irrevocable, and enforceable.” However, the FAA includes an exemption (known as the “Transportation Worker exemption”) that excludes arbitration agreements in “contracts of employment for seamen, railroad employees, or any other class of worker …

Navigating Turbulent Skies: Class Action Waivers In The Airline Industry And The Quest For Passenger Justice, Macarena Alejandra Bazan Hidalgo

University of Miami Business Law Review

In the ever-evolving skies of the airline industry, airline passengers have continued to benefit from distinctive safeguards, even in the wake of deregulation. As its principal protector, the Department of Transportation has consistently demonstrated its commitment to treating airline customers as a distinct and significant group of consumers. However, these well-intentioned regulations often go unchecked, inadvertently paving the way for airline companies to exploit loopholes, leading to unjust practices. This, in turn, inflicts significant harm upon one of the most crucial consumer segments in the United States. A prime example of this issue is the collaborative effort by airline companies …

American Plastics, Llc V. Home Depot Product Authority, Llc, Order On Motion To Dismiss, Kelly L. Ellerbe

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

Designing Contract Modification, Albert H. Choi, George Triantis

Law & Economics Working Papers

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 paper, 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 …

Breach Agents: The Legal Liability Of Third Parties For The Breach Of Reputational Ndas, Mark Fenster

UF Law Faculty Publications

Nondisclosure agreements intended to keep secret information that could harm one or both parties’ reputations have proliferated over the past decade. Many of them have been breached, some quite famously. Does a third party who assists a contracting party in breaching such an agreement — a member of the press or a family member, for example — risk liability for tortious interference with performance of a contract? This article asserts that the answer is no in most instances, in part because of limitations inherent in the tort and in part because such liability would violate the defendant's First Amendment rights. …

Strategically Restated Defaults, Wendy Gerwick Couture

William & Mary Business Law Review

Business and commercial statutes are composed almost entirely of default rules, which parties may override via agreement or adopt via silence. Drafters of these statutes, and theories about the substance of default rules, assume that parties indeed adopt statutory default rules via silence.

Against this backdrop, this Article examines unexpected behavior by parties to business and commercial agreements: parties often restate statutory default rules in their agreements rather than adopting those rules via silence. Based on a review of actual limited partnership agreements and security agreements, this Article identifies five unique species of restatement—bald, tweak, refill, baseline, and context restatements—and …

Read But Not Understood? An Empirical Analysis Of Consumer Comprehension In Homeowners Insurance, Daniel Schwarcz, Brenda J. Cude, Kyle D. Logue, German Marquez Alcala

Law & Economics Working Papers

Modern contract law assumes that consumers meaningfully assent to the standard forms that govern their daily lives. However, this assumption is widely regarded as a legal fiction for two key reasons: first, most consumers do not read standard forms, and second, even those who do often struggle to fully comprehend their terms and implications. While the lack of consumer reading has been well-documented through empirical research, consumers’ ability to comprehend standard form contracts has received surprisingly little attention.

This Article addresses the latter issue by empirically examining whether providing excerpts from the dominant standard form homeowners insurance policy improves consumer …

Fruit Street Health, P.B.C., V. Sharecare, Inc., Order On Motion For Reconsideration, Kelly L. Ellerbe

Superior Court of Fulton County: Metro Atlanta Business Case Division Opinions

No abstract provided.

The Paradoxical Solution To Enforce Resale Royalties And Keep The Nft Market Decentralized, Katelyn Holcomb

Washington Journal of Law, Technology & Arts

This article examines the role of resale royalties in maintaining decentralization in the NFT ecosystem and supporting financial sustainability for artists. Although resale royalties, also known as creator royalties, are widely valued by NFT artists, they have been frequently undermined by the centralized policies of large NFT marketplaces. These include zero-royalty policies that are driven by the competitive pressure to gain market share, where platforms allow buyers and sellers to bypass creator royalties. This behavior has led to a destructive race to the bottom and the overall erosion of resale royalties. To address this problem in the NFT market, this …

The Great War (Taylor's Version): Examining The New Era Of Recording Artists & Master Recording Ownership, Victoria B. Villanueva

Journal of Legislation

In 2019, Taylor Swift took to social media to voice her unease with the recent sale of her entire master recording catalogue to Ithaca Holdings, a sale that allegedly occurred without her explicit permission. Following a series of negotiations, holdouts, and ultimate deadlock, Swift made the critical and costly decision to re-record and re-release each of those six albums under her sole ownership in an effort to reclaim them as her own work—re-recordings publicly denoted by “Taylor’s Version”. This highly-publicized feud brought to the public’s attention a decades-long conflict between the recording artist and the recording company, one that has …

Consumer Protection And The Illusory Promise Of The Unconsciounability Defense, Benjamin C. Zipursky, Zahra Takhshid

Sturm College of Law: Faculty Scholarship

The United States Supreme Court’s notorious decision in AT&T Mobility LLC v. Concepcion seems to display impatience with the idea of an unconscionability defense to the enforcement of a contract. At the core of Justice Antonin Scalia’s opinion, however, was not an argument against the idea of unconscionability per se, but an argument against using “unconscionability” as a cover for a broader public policy agenda. This interpretation is confirmed by the Court’s little-known decision in Marmet Health Care Ctr., Inc. v. Brown, handed down the term after Concepcion was decided. Plaintiffs were allowed to move forward in Marmet because the …

Empirical Essays On Mobility-Restricting Covenants, Lorenzo G. Luisetto

SJD Dissertations

This thesis, which consists of four essays, uses empirical methods to study questions on the use of mobility-restricting covenants in business and employment contracts.

The first chapter investigates the spillover effects of the so-called “No-Poach Initiative,” an enforcement action launched by the Antitrust Division of the State of Washington Attorney General’s Office in January 2018 that led 237 franchisors to agree to stop using no-poaching clauses—i.e., provisions in franchise contracts that prohibit franchisees from hiring each other’s employees—nationwide. I document that approximately one third of the franchisors not targeted by the No-Poach Initiative removed the no-poaching clause from their franchise …

Risk, Reimagined: The Untold Story Of Liability Laddering In Modern Commercial Dealmaking, Carrie Stanton

Scholarly Articles

In commercial contracting, bargaining parties regularly allocate risk in various ways, including contractual limitations of liability. However, it can be difficult to appropriately apportion responsibility for high-risk contingencies such as data breach. A seller may be unwilling to accept uncapped liability for a contingency whose cost could exceed the expected value of the transaction. Conversely, a buyer may be unwilling to live with only a general damages cap established as a rough-and-ready compromise for more ordinary contingencies. To surmount this impasse, which typically arises toward the end of a negotiation, deal lawyers have begun to craft elevated dollar caps, or …

Through A Glass Darkly: How Securities Disclosures Give A Distorted View Of The Economy, Gerald F. Davis

Seattle University Law Review

Our understanding of the American economy often relies on stylized facts derived from mandatory disclosures by listed corporations. Data vendors like Standard & Poor’s vacuum up 10Ks and proxy statements into databases, and scholars distill these into tentative maps. This may have been adequate for a postwar economy centered on asset-heavy manufacturers, but it is increasingly out of step with an information-based economy. Companies listed on the stock market are fewer in number and less representative than they were, light in tangible assets and people, and heavy on IP. Basic facts such as what industry they are in are increasingly …

The Small Business Dilemma, Rachel G. Ngo Ntomp

Faculty Articles

Small businesses face a unique and challenging dilemma in today’s business landscape. On the one hand, they are typically and rightfully considered the more powerful party in their contractual relations with consumers, thus prompting a need to protect consumers against unfair contractual terms. On the other hand, when engaging with larger businesses, small businesses typically find themselves in the position of the weaker, more vulnerable party, possibly in need of greater protection themselves from unfair terms. This Article addresses the inherent dilemma faced by small businesses and argues that the prevailing perception of businesses as sophisticated and experienced, based exclusively …

Abuse Of Contract: Boilerplate Erasure Of Consumer Counterparty Rights, Andrea Boyack

Faculty Publications

Contract law and the new Restatement of the Law of Consumer Contracts generally treats the entirety of a company’s boilerplate as presumptively binding. Entrusting the content of consumer contracts to companies creates a fertile legal habitat for abuse through boilerplate design.

There is no consensus on how widespread or severe abuse of contract is. Some consumer law scholars have warned of dangers inherent in granting companies unrestrained power to sneak waivers into their online terms, but others contend that market forces adequately constrain potential abuse. On the other hand, in the absence of adequate consumer knowledge and power, market competition …