The Dignity of Commerce

Author: Nathan B. Oman
Publisher: University of Chicago Press
ISBN: 022641566X
Format: PDF, Docs
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Why should the law care about enforcing contracts? We tend to think of a contract as the legal embodiment of a moral obligation to keep a promise. When two parties enter into a transaction, they are obligated as moral beings to play out the transaction in the way that both parties expect. But this overlooks a broader understanding of the moral possibilities of the market. Just as Shakespeare’s Shylock can stand on his contract with Antonio not because Antonio is bound by honor but because the enforcement of contracts is seen as important to maintaining a kind of social arrangement, today’s contracts serve a fundamental role in the functioning of society. With The Dignity of Commerce, Nathan B. Oman argues persuasively that well-functioning markets are morally desirable in and of themselves and thus a fit object of protection through contract law. Markets, Oman shows, are about more than simple economic efficiency. To do business with others, we must demonstrate understanding of and satisfy their needs. This ability to see the world from another’s point of view inculcates key virtues that support a liberal society. Markets also provide a context in which people can peacefully cooperate in the absence of political, religious, or ideological agreement. Finally, the material prosperity generated by commerce has an ameliorative effect on a host of social ills, from racial discrimination to environmental destruction. The first book to place the moral status of the market at the center of the justification for contract law, The Dignity of Commerce is sure to elicit serious discussion about this central area of legal studies.

Key Ideas in Contract Law

Author: Nicholas McBride
Publisher: Bloomsbury Publishing
ISBN: 150990722X
Format: PDF, ePub, Docs
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This book introduces the reader to a number of ideas and issues that underlie the English law of contract-an area of law that is often regarded as forbiddingly dry and technical but which is here made easy to understand and full of interest. Taking as its starting point the role contract law plays in helping markets to operate, the book explains how contract law regulates the commercial risks people take, while at the same time placing limits on what may be bought and sold, and ensuring that contractual powers are not unacceptably abused. A final chapter discusses how contract law can be used to make gifts of binding promises to other people. The book provides a rigorous and stimulating journey through the ideas underpinning contract law and is essential reading for anyone with an interest in the subject. 'Clearly written and bursting with interesting and novel ideas, this lively book will be a great resource for anyone interested in Contract Law.' Paul S Davies, Professor of Commercial Law, University College London

Institutional Foundations of Impersonal Exchange

Author: Benito Arruñada
Publisher: University of Chicago Press
ISBN: 0226028356
Format: PDF, ePub
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Governments and development agencies spend considerable resources building property and company registries to protect property rights. When these efforts succeed, owners feel secure enough to invest in their property and banks are able use it as collateral for credit. Similarly, firms prosper when entrepreneurs can transform their firms into legal entities and thus contract more safely. Unfortunately, developing registries is harder than it may seem to observers, especially in developed countries, where registries are often taken for granted. As a result, policies in this area usually disappoint. Benito Arruñada aims to avoid such failures by deepening our understanding of both the value of registries and the organizational requirements for constructing them. Presenting a theory of how registries strengthen property rights and reduce transaction costs, he analyzes the major trade-offs and proposes principles for successfully building registries in countries at different stages of development. Arruñada focuses on land and company registries, explaining the difficulties they face, including current challenges like the subprime mortgage crisis in the United States and the dubious efforts made in developing countries toward universal land titling. Broadening the account, he extends his analytical framework to other registries, including intellectual property and organized exchanges of financial derivatives. With its nuanced presentation of the theoretical and practical implications, Institutional Foundations of Impersonal Exchange significantly expands our understanding of how public registries facilitate economic growth.

The Limits of Freedom of Contract

Author: Michael J. Trebilcock
Publisher: Harvard University Press
ISBN: 9780674534308
Format: PDF, ePub, Mobi
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Our Legal System is committed to the idea that private markets and the law of contracts that supports them are the primary institutions for allocating goods and services in a modern economy. Yet the market paradigm, Michael Trebilcock argues, leaves substantial room for challenge. For example, should people be permitted to buy and sell blood, bodily organs, surrogate babies, pornography, or sexual favors? Is it fair to allow people with limited knowledge about a transaction and its consequences to enter into it without guidance from experts? Finally, do people always know their own preferences, many of which may be socially conditioned? These are only a few of the issues Trebilcock explores in this sweeping analysis of the private ordering model of contract law and the major theoretical camps critiquing it, including the communication and the feminist. He examines the implication that the private ordering paradigm simultaneously promotes autonomy and welfare values, and argues that in many contexts the convergence of these values is much more contestable than its proponents claim. The book treats all the conflicting perspectives with care, acknowledging both their strengths and their weaknesses, and using them to illuminate many specific dilemmas. Trebilcock also pays close attention to how various theories may be translated into practice, revealing that ideas which appear to oppose each other at an abstract level are in fact similar when implemented at the institutional level. In conclusion, Trebilcock argues that we need to be more alert to the possibility of adopting public policies that broaden access to market opportunities for the disadvantaged. Economists, lawyers, politicalscientists, philosophers, and policy analysts will all benefit from reading this brilliant synthesis and reinterpretation of contract law.

The Three and a Half Minute Transaction

Author: Mitu Gulati
Publisher: University of Chicago Press
ISBN: 0226924394
Format: PDF
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Boilerplate language in contracts tends to stick around long after its origins and purpose have been forgotten. Usually there are no serious repercussions, but sometimes it can cause unexpected problems. Such was the case with the obscure pari passu clause in cross-border sovereign debt contracts, until a novel judicial interpretation rattled international finance by forcing a defaulting sovereign—for one of the first times in the market’s centuries-long history—to repay its foreign creditors. Though neither party wanted this outcome, the vast majority of contracts subsequently issued demonstrate virtually no attempt to clarify the imprecise language of the clause. Using this case as a launching pad to explore the broader issue of the “stickiness” of contract boilerplate, Mitu Gulati and Robert E. Scott have sifted through more than one thousand sovereign debt contracts and interviewed hundreds of practitioners to show that the problem actually lies in the nature of the modern corporate law firm. The financial pressure on large firms to maintain a high volume of transactions contributes to an array of problems that deter innovation. With the near certainty of massive sovereign debt restructuring in Europe, The Three and a Half Minute Transaction speaks to critical issues facing the industry and has broader implications for contract design that will ensure it remains relevant to our understanding of legal practice long after the debt crisis has subsided.

Mormonism

Author: W. Paul Reeve
Publisher: ABC-CLIO
ISBN: 1598841076
Format: PDF, ePub
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Covering its historic development, important individuals, and central ideas and issues, this encyclopedia offers broad historical coverage of The Church of Jesus Christ of Latter-day Saints. * 140 entries on individuals, places, events, and issues * An overview section of six essays tracing the history of Mormonism from Joseph Smith's vision to years of global expansion that began in the mid-20th century * 50 contributors who are among the world's foremost scholars on the Mormon religion and its history * A chronology of Mormonism from its beginnings in upstate New York to its current status as a globalized church headquartered in Salt Lake City, Utah * A bibliography of the latest scholarship on Mormon history

International Bankruptcy

Author: Jodie Adams Kirshner
Publisher: University of Chicago Press
ISBN: 022653202X
Format: PDF, ePub, Docs
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With the growth of international business and the rise of companies with subsidiaries around the world, the question of where a company should file bankruptcy proceedings has become increasingly complicated. Today, most businesses are likely to have international trading partners, or to operate and hold assets in more than one country. To execute a corporate restructuring or liquidation under several different insolvency regimes at once is an enormous and expensive challenge. With International Bankruptcy, Jodie Adams Kirshner explores the issues involved in determining which courts should have jurisdiction and which laws should apply in addressing problems within. Kirshner brings together theory with the discussion of specific cases and legal developments to explore this developing area of law. Looking at the key issues that arise in cross-border proceedings, International Bankruptcy offers a guide to this legal environment. In addition, she explores how globalization has encouraged the creation of new legal practices that bypass national legal systems, such as the European Insolvency Framework and the Model Law on Cross-Border Insolvency of the United Nations Commission on International Trade Law. The traditional comparative law framework misses the nuances of these dynamics. Ultimately, Kirshner draws both positive and negative lessons about regulatory coordination in the hope of finding cleaner and more productive paths to wind down or rehabilitate failing international companies.

Contract Law and Theory

Author: Eric A. Posner
Publisher: Aspen Publishers
ISBN: 9781454869511
Format: PDF, Kindle
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Contract Law and Theory, Second Edition conveys a grasp of theory and policy that makes all of the contract rules easier to understand. By explaining and applying contract theory to a wide range of contracts cases, Eric Posner reveals not only the "what" of doctrine but also the "why" -- why one rule rather than another makes sense from a policy perspective. An understanding of what contract theory is and how it is applied will help you to understand not only Contracts, as taught in law school, but also the many areas of law in which contractual ideas operate, such as bankruptcy law, secured transactions, and corporate law. An exciting new Student Treatise from an eminent authority, Contract Law and Theory, Second Edition features: Complete coverage of contracts that includes the principal cases covered in most first-year contracts courses A general explication of the rules of contract that begins with the simplest ideas and gradually builds in complexity A consistent emphasis on the application of theory to doctrine, through analysis of a rich selection of cases A readable and expert treatment of the role of economics in contract law Illustrative examples that point to noteworthy cases Suitability for use alongside any casebook

Imposing Risk

Author: John Oberdiek
Publisher: Oxford University Press
ISBN: 019106596X
Format: PDF
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We subject others and are ourselves subjected to risk all the time - risk permeates life. Despite the ubiquity of risk and its imposition, philosophers and legal scholars have devoted little of their attention to the difficult questions stimulated by the pervasiveness of risk. When we impose risk upon others, what is it that we are doing? What is risking's moral significance? What moral standards govern the imposition of risk? And how should the law respond to it? This book highlights these important but neglected questions and offers novel answers to them in a systematic way, constructing a normative framework of risk imposition that draws upon a wide range of insights from diverse sources within philosophy and legal theory. Oxford Legal Philosophy publishes the best new work in philosophically-oriented legal theory. It commissions and solicits monographs in all branches of the subject, including works on philosophical issues in all areas of public and private law, and in the national, transnational, and international realms; studies of the nature of law, legal institutions, and legal reasoning; treatments of problems in political morality as they bear on law; and explorations in the nature and development of legal philosophy itself. The series represents diverse traditions of thought but always with an emphasis on rigour and originality. It sets the standard in contemporary jurisprudence.