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Corporate & Securities Law

ContractsProf Blog

Contract law resources, information, and news for the academic community.

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Last Entry: April 01, 2011 at 16:53:52

Consequential damages for breach of insurance contracts

Posted on April 10, 2009
Some interesting things have been going on in the Empire State with respect to consequential damages for breach of an insurance contract. A new client alert from lawyers Laurie A. Kamaiko and Steven P. Nassi of New York's Edwards Angell...

Courtney Love to sue over alleged looting of Cobain estate

Posted on April 09, 2009
Singer Courtney Love is apparently getting ready to sue a group of people over money she says was looted from the estate of her dead husband, Kurt Cobain. (Left: The couple and their daughter in 1993). Love says some $550...

State says it won't pay on interest rate swap

Posted on April 09, 2009
The state of Alabama says it isn?t going to pay J.P. Morgan Chase & Co. any money it allegedly owes under an interest rate swap deal between its school authority and the bank. The swap was apparently part of a...

Breaching conditions of an open-source license

Posted on April 09, 2009
Last December the U.S. Court of Appeals for the Federal Circuit ruled in Jacobsen v. Katzer, 535 F.3d 1373 (Fed Cir. 2008), that a user who violated the conditions of a web-linked open-source software license was liable not only for...

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911 call for breach of Chinese food warranty

Posted on April 08, 2009
A nice little exam question was on the news in the DFW area this morning. Seems a woman ordered some fried rice from an A&D Buffalo's restaurant (left) in Fort Worth. She ordered extra shrimp with the rice. After picking...

When relational contracts go bad

Posted on April 08, 2009
T wo major players in the technology field are going toe-to-toe in Delaware chancery court over reciprocal licensing agreements for each other?s technology. NVIDIA Corp., which says it has a license to use Intel Corp. processors in its ?MCP chipsets,?...

Business Associations Limerick of the Week: Revlon v. MacAndrews & Forbes

Posted on April 07, 2009
Ron Perelman, cigar-chomping CEO of Pantry Pride, wanted to acquire Revlon. Revlon's CEO, Michel Bergerac, did everything in his power to prevent the acquisition. The case is a great vehicle for teaching defensive measures, because Revlon's efforts to escape Perelmans'...

Employee bonuses as "unjust enrichment"

Posted on April 07, 2009
Some contract law types have floated the idea of "unjust enrichment" law as a means of clawing back compensation paid to employees at failing firms. A union-affiliated investment advising company is now raising just that theory in a call to...

Closed or open?

Posted on April 07, 2009
Over at PrawfsBlawg, Colin Miller is mulling over the value of the "open everything" exam, and getting some interesting comments. [Frank Snyder]

Ah, that's probably why he became an American citizen

Posted on April 07, 2009
Rock drummer Mick Fleetwood and four others are suing a Portland (Me.) lawyer after they lost a contract dispute with the British Broadcasting Co. Lawyer Paul McDonald represented Fleetwood (left -- yes, sadly, he really is that old) and his...

Good faith effort, no guarantees

Posted on April 07, 2009
This is almost certainly April Fool's joke, but it's a good story that raises a number of issues and will certainly get students' attention. It beings like this: In Stuttgart, Germany, a court judge must decide on a case of...

. . . and still more bonus news

Posted on April 06, 2009
Law.com has a story today on the boom in litigation relating to executive bonuses, which is going both ways. Shareholders, public officials are going after companies that pay bonuses they promised, while employees are going after those that aren't paying...

Add "rising prosperity," delete "free markets" and "rule of law"

Posted on April 06, 2009
At last November?s G-20 summit in Washington -- where the leaders unanimously pledged themselves to continue free trade in spite of the looming recession -- the group included the following passage in its closing communique: We recognize that these reforms...

Another Take on Bonuses

Posted on April 06, 2009
This was sent to me by Valpo Law alumnus, Jeffrey Gordon, whose blog can be found here. Lots of ink is now being spilled over the sanctity of contracts, which seems to cover executive compensation but not the compensation of...

Maybe the foxes are now in charge of the henhouse

Posted on April 06, 2009
At failed insurer AIG, the top individual bonus recipients got $3 million each, which was enough to get death threats and their own special piece of legislation from the United States House of Representatives. Turns out, though, lots of other...

Weekly Top Ten

Posted on April 06, 2009
Two new papers hit our top ten list this week, Ethan Leib's Contracts and Friendships, which debuts at number 3, and a timely piece from Steve Schooner and Christoper Yukins on one of the lurking problems in the recent stimulus...

"There ain't no good guys, there ain't no bad guys . . . ."

Posted on April 05, 2009
Okay, it's not really about contracts. But with the various economic initiatives coming out of Washington these days, contract law and corporate law are getting jumbled together. So you might be interested in a free conference being put on by...

You can't make this stuff up

Posted on April 05, 2009
Fannie Mae and Freddie Mac, the two bailed-out federal corporations that lost a combined $110 billion last year and are getting another $200 billion from the government this year (on top of $200 billion last year), will shortly be paying...

Peevyhouse and John Wunder Down Under

Posted on April 03, 2009
This week I'm teaching those two student rabble-rousers, Peevyhouse v. Garland Coal Co. and Groves v. John Wunder Co. The issue in both cases, of course, is whether the owner of property can get the cost of rectifying the defective...

Speaking of McQuade v. Stoneham . . .

Posted on April 02, 2009
Some of us who teach Contracts also teach Business Associations, so we like to run occasional things of interest to B.A. teachers beyond, of course, Jeremy?s regular limericks. One of the great casebook staples is McQuade v. Stoneham (1934), a...

Congress Expands Attack on Bonuses

Posted on April 01, 2009
In yet another ContractsProf Blog exclusive (this must be our lucky day!), we break news of bonuses paid to members of the executive branch during the Bush administration. It turns out, our first MBA President decided to follow the familiar...

New Issue of Constitutional Commentary

Posted on April 01, 2009
The ContractsProf Blog is pleased to provide this news exclusive. Using our powerful connections and are heightened sleuthing powers, we have discovered that Constitutional Commentary has a special issue coming out today on dissenting opinions in Contracts Clause cases...

"Pay for Performance" sponsor explains legal reasoning . . . sort of

Posted on April 01, 2009
The sponsor of the "Pay for Performance Act of 2009" gives his reasoning in a Huffington Post piece today. Freshman Rep. Alan Grayson (left), who introduced the bill, is a Harvard Law grad who was a staff clerk at the...

Not everyone likes "Pay for Performance"

Posted on April 01, 2009
While the House of Representatives debates whether financial institutions that received TARP money ought to be compelled to adopt "pay for performance" criteria for compensation, the American Federation of Government Employees is urging Congress to jettison the concept when it...

US Supreme Court Decides 14 Penn Plaza

Posted on April 01, 2009
Today, in an opinion written by Justice Thomas, a 5-judge majority of the United States Supreme Court held that "a collective-bargaining agreement that clearly and unmistakably requires union members to arbitrate ADEA claims is enforceable as a matter of federal...

Contracts Can Be Rewritten, Says NY Times

Posted on March 31, 2009
Today's New York Times has a headline that would not have been news to Karl Llewellyn, "Contracts Now Seen as Being Rewritable." But this is probably news and definitely fit to print because it provides space on page 1 of...

On Twitter and Links to Two Recent Cases Holding Class Action Waiver = Unconscionable

Posted on March 31, 2009
First, a recent SDNY (Griesa) decision holding that an arbitration clause in a student loan agreement was unconscionable. The arbitration clause included a class action waiver. Fensterstock v. Education Finance Partners. Second, a recent 9th Circuit decision holding unconscionable the...

AIG Bonuses: Enter Force Majeure -- Stage Left

Posted on March 31, 2009
While lots of folks are scrambling around looking for contract-law defenses to retention payments such as those given employees at failed AIG, Congress is looking at resolving the issue by introducing a new player: force majeure. The Pay for Performance...

Over at our sister ship . . . .

Posted on March 31, 2009
Over at Legal Profession Blog, Jeff Lipshaw (Suffolk) uses the AIG implosion to meditate on contract theory. As usual, he's got his own unique take on things. Check out My Iconoclastic Approach to Contract Theory (or Its Ultimate Failure) -...

Business Associations Limerick of the Week: Cheff v. Mathes

Posted on March 30, 2009
Cheff has great facts, although the facts do not really affect the opinion. Holland Furnace, it turns out, was a thoroughly corrupt business that was also losing money. Its means of selling furnaces was to send a crew over to...

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