Contracts Commons^™

Clinicians, Practitioners, And Scribes: Drafting Client Work Product In A Small Business Clinic, Robert R. Statchen

NYLS Law Review

No abstract provided.

Contract As Meaning: An Introduction To "Contract As Promise At 30", Jeffrey M. Lipshaw

Suffolk University Law School Faculty Works

This is an introductory essay to the volume of the Suffolk Law Review containing the papers from our symposium centered on Charles Fried’s iconic book, 'Contract as Promise' at 30: The Future of Contract Theory. My theme is the relation of theory to practice, particularly in contract law, and why a theoretical orientation, broadly speaking and whether or not so conceived by the practitioner herself, is fundamental to that practitioner making good judgments. Theorizing - imposing coherent and correspondent conceptual order on events in the real world - is not as unrelated to the ordinary work of lawyers (and others) …

Metaphors, Models, And Meaning In Contract Law, Jeffrey M. Lipshaw

Suffolk University Law School Faculty Works

Why does there seem to be such a wide gap between the subject matter of the usual first-year contracts course and what practitioners (particularly transactional lawyers) actually experience? This article is an attempt to bridge the gap, combining insights from academic theory and real-world law practice. My claim is that the law as discipline has developed its own powerful but self-contained conceptual framework — in the coinage of one noted scholar, “an epistemic trap.” The subject matter of contract law, something that is largely the creation of private parties and not the state, requires dealing with legal truth not just …

Freedom Of Contract In An Augmented Reality: The Case Of Consumer Contracts, Scott R. Peppet

Publications

This Article argues that freedom of contract will take on different meaning in a world in which new technology makes information about places, goods, people, firms, and contract terms available to contracting parties anywhere, at any time. In particular, our increasingly "augmented reality" calls into question leading justifications for distrusting consumer contracts and strengthens traditional understandings of freedom of contract. This is largely a descriptive and predictive argument: This Article aims to introduce contract law to these technologies and consider their most likely effects. It certainly has normative implications, however. Given that the vast majority of consumer contracting occurs in …

Computable Contracts, Harry Surden

Publications

This Article explains how and why firms are representing certain contractual obligations as computer data. The reason is so that computers can read and process the substantive aspects of contractual obligations. The representation of contractual obligations in data instead of (or in addition to) the traditional written language form - what this Article calls "data-oriented contracting" - allows for the application of advanced computer processing abilities to substantive contractual obligations. Certain financial contracts exemplify this model. Equity option contracts are routinely represented not as contract documents written in ordinary language - but as data records intended to be processed by …

Insurance And Cultural Perspectives On Katrina, Jeffrey E. Thomas

Faculty Works

No abstract provided.

Does The Constitution Protect Economic Liberty?, Randy E. Barnett

Georgetown Law Faculty Publications and Other Works

The author defends the proposition that the Court in Lochner v. New York was right to protect the liberty of contract under the Fourteenth Amendment. He does not defend its use of the Due Process Clause to reach its result. As he explains, the Court should have been applying the Privileges or Immunities Clause. Nor does he contend that the Court was correct in its conclusion that the maximum‐hours law under consideration was an unconstitutional restriction on the liberty of contract. Although the statute may well have been unconstitutional, the author does not take the time to evaluate that claim. …

Must Licenses Be Contracts? Consent And Notice In Intellectual Property, Mark R. Patterson

Faculty Scholarship

Intellectual property owners often seek to provide access to their patented or copyrighted works while at the same time imposing restrictions on that access. One example of this approach is “field-of-use” licensing in patent law, which permits licensees to use the patented invention but only in certain ways. Another is open-source licensing in copyright law, where copyright owners typically require licensees that incorporate open-source software in other products to license those other products on an open-source basis as well. Surprisingly, though, the legal requirements for granting restricted access are unclear. The source of the lack of clarity is the ill-defined …

The Statutory Ucc: Interpretative License And Duty Under Article 2, Nicholas J. Johnson

Faculty Scholarship

No abstract provided.

Credit Risk Transfer Governance: The Good, The Bad, And The Savvy, Houman B. Shadab

Articles & Chapters

Goldman Sachs and American International Group on the eve of the 2008 financial crisis were bound together through a web of credit risk transfer (CRT) contracts in the form of credit default swaps (CDSs) and synthetic collateralized debt obligations (CDOs). Synthetic CDOs enabled certain hedge funds to profit from the ultimate bursting of the housing bubble due to the funds’ savvy in understanding CRT better than their counterparties. This Article constructs a novel theory of CRT that extends the insights of creditor governance theory to CRT transactions. By doing so, this Article establishes a framework for good CRT governance. CRT …

The Ball Is In Congress's Court: Contract Support Costs Following Ramah, James J. Linhardt

American Indian Law Review

No abstract provided.

Powerful Buyers And Merger Enforcement, John B. Kirkwood

Faculty Articles

Although large buyers like Walmart and Tyson Foods occupy important positions in the American economy, antitrust law remains focused on the conduct of sellers. Moreover, when mergers of buyers have been challenged, the cases have been based on a single theory – that the merger would create a dominant buyer (or group of buyers) that would exploit small, powerless suppliers. Most powerful buyers, however, face suppliers with power of their own, and in such cases, the buyers exert “countervailing power,” which can also be anticompetitive. Yet buyer mergers that reduce competition through the exercise of countervailing power are not addressed …

Virtue Ethics And Efficient Breach, Avery W. Katz

Faculty Scholarship

The concept of "efficient breach" – the idea that a contracting party should be encouraged to breach a contract and pay damages if doing so would be more efficient than performance – is probably the most influential concept in the economic analysis of contract law. It is certainly the most controversial. Efficient breach theory has been criticized from both within and without the economic approach, but its most prominent criticism is that it violates deontological ethics – that the beneficiary of a promise has a right to performance, so that breaching the promise wrongs the promisee.

This essay argues that …

The Interstate Commerce Act, Administered Contracts, And The Illusion Of Comprehensive Regulation, Thomas W. Merrill

Faculty Scholarship

The 125th anniversary of the Interstate Commerce Act invites reflection on what it has contributed to our understanding of public regulation. Perhaps the most important and enduring idea associated with the Act is what we may call the administered contract. At common law, transportation services, like other goods and services, were governed by ordinary contracts between customer and carrier. Building on innovations in English and state railroad legislation, the Interstate Commerce Act developed a different form of contracting. Contracts for transportation services became public acts, understood to have the openness, generality, and binding force of public law. This concept of …

To Be Or Not To Be (A Parent)? - Not Precisely The Question: The Frozen Embryo Dispute, Yehezkel Margalit

Cardozo Journal of Equal Rights & Social Justice

The article explores the legal and ethical complexities surrounding disputes over frozen embryos, particularly focusing on the balance between the right to become a parent and the right to avoid parenthood. It examines the legal status of frozen embryos and proposes a compromise solution where the objecting spouse is granted nonparenthood status, allowing the other partner to use the embryos without imposing parenthood on the unwilling party. The analysis emphasizes the importance of legal parenthood for societal welfare and the challenges posed by evolving reproductive technologies.

Advancing A Surrogate-Focused Model Of Gestational Surrogacy Contracts, Catherine London

Cardozo Journal of Equal Rights & Social Justice

The article examines the ethical, legal, and feminist implications of commercial surrogacy, arguing that the practice raises significant concerns about the commodification and exploitation of women and children. It critiques the current legal framework for its inconsistency and paternalistic approach, which often restricts women's reproductive freedom. The analysis advocates for a surrogate-focused contract model to address these issues, emphasizing the need to empower surrogates by granting them greater autonomy and bargaining power in surrogacy arrangements. This approach aims to balance the interests of all parties while minimizing the risk of exploitation.

A Short And Happy Guide To Contracts, David G. Epstein

Law Faculty Publications

In this book we will reveal the rules of contract law in as straightforward and clear a fashion as they permit. But we will also talk some about policy and the difference between the two. Policy reflects the normative objectives we want to attain, and the rules are the vehicles for getting us there. In this book, we are going to break the subject of contracts into seven short questions: 1. Has a deal been made? 2. Is the deal enforceable? 3. Are there defenses to enforcement of the deal? 4 What are the terms of the deal? 5. When …

In-House Counsel’S Role In The Structuring Of Mortgage-Backed Securities, Steven L. Schwarcz, Shaun Barnes, Kathleen G. Cully

Faculty Scholarship

The authors introduce the financial crisis and the role played by mortgage-backed securities. Then describe the controversy at issue: whether, in order to own and enforce the mortgage loans backing those securities, a special-purpose vehicle “purchasing” mortgage loans must take physical delivery of the notes and security instruments in the precise manner specified by the sale agreement. Focusing on this controversy, the authors analyze (i) the extent, if any, that the controversy has merit; (ii) whether in-house counsel should have anticipated the controversy; and (iii) what, if anything, in-house counsel could have done to avert or, after it arose, to …

Transnational Conservation Contracts, Natasha Affolder

All Faculty Publications

Transnational environmental law is the subject of growing scholarly interest. Yet, much work remains to be done to fill in both the conceptual and empirical contours of this field. One methodological challenge that transnational law poses is the need to look beyond traditional sources of international and national law. This article contributes to efforts to understand transnational law's multilayered architecture by drawing attention to the use of transnational contracts as a mechanism to protect habitats and species. The diverse and proliferating examples of conservation contracts discussed in this article – which include forest carbon agreements, conservation concessions, debt-for-nature swaps, conservation …

Balancing The Scales: Reforming Georgia's Common Law In Evaluating Restrictive Covenants Ancillary To Employment Contracts, Alan F. Pryor

Georgia Law Review

Crafting effective and enforceable restrictive covenants
ancillary to employment contracts has befuddled and
vexed attorneys, courts, and businesses in Georgia for
decades. Tracing its development through more than four
hundred years of judicial decisions, Georgia's common law
has grown increasingly contradictory, confusing, and
convoluted. Until the passage of the Restrictive Covenant
Act, Georgia judges grew increasingly hostile to restrictive
covenants; however, they failed to maintain a coherent set
of guidelines for evaluating such covenants. The
Restrictive Covenant Act marks a turning point in Georgia
employment law, and this Note provides a defense of the
Act.
The Restrictive Covenant Act is …