Foundations of commercial law / by Robert E. Scott, George G. Triantis.
2010
KF889 .S35 2010 (Map It)
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Author
Title
Foundations of commercial law / by Robert E. Scott, George G. Triantis.
Published
New York : Foundation Press : Thomas Reuters, 2010.
Call Number
KF889 .S35 2010
ISBN
9781587785115 (pbk.)
1587785110 (pbk.)
1587785110 (pbk.)
Description
xiii, 344 pages ; 26 cm
System Control No.
(OCoLC)503301701
Record Appears in
Gift
Purchased from the income of the Edith L. Fisch Fund
Gift
The Arthur W. Diamond Law Library
Purchased from the income of the Edith L. Fisch Fund
Table of Contents
1.
The Normative Foundations of Commercial Law
1
1.1.
What is Commercial Law?
1
1.2.
Why Do Commercial Parties Contract?
3
1.3.
Why Do Commercial Parties Write Incomplete Contracts?
9
1.4.
The Nature of Commercial Law Rules
10
1.5.
The Normative Principles of Commercial Law
12
1.6.
The Political Economy of the Uniform Commercial Code (in a nutshell)
14
1.7.
Conclusion
21
2.
The Value of Commercial Law: The Design of Defaults
23
2.1.
Introduction: Contract Incompleteness, Gap-Filling and Defaults
23
2.2.
Default Rules Versus Default Standards
26
Rules Versus Standards: An Economic Analysis / Louis Kaplow
26
Preliminary Thoughts on Optimal Tailoring of Contractual Rules / Ian Ayres
30
Notes
35
2.3.
Institutional Competence in Commercial Law-Making
38
An Economic Analysis of Uniform State Laws / Bruce H. Kobayashi
39
The Political Economy of Private Legislatures / Robert E. Scott
43
Does Interest Group Theory Justify More Intrusive Judicial Review? / Einer R. Elhauge
55
Notes
62
2.4.
Incorporation of Industry Practice
65
Merchant Law in a Merchant Court: Rethinking the Code's Search for Immanent Business Norms / Lisa Bernstein
68
In Defense of the Incorporation Strategy / Stephen D. Walt
75
Notes
81
2.5.
The Case for and Against Mandatory Commercial Law Rules
82
Bounded Rationality, Standard From Contracts, and Unconscionability / Russell Korobkin
83
Legal Restrictions on Private Contracts Can Enhance Efficiency / Benjamin E. Hermalin
90
Notes
94
3.
Sales Law
95
3.1.
Introduction
95
3.2.
Karl Llewellyn and the Normative Underpinnings of Article 2
96
The Limits of Vision: Karl Llewellyn and the Merchant Rules / Zipporah Batshaw Wiseman
96
Commercial Law and the American Volk: a Note on Llewellyn's German Sources for the Uniform Commercial Code / James Whitman
106
Karl Llewellyn and the Origins of Contract Theory / Alan Schwartz
109
Notes
113
3.3.
Rejection, Revocation, and Cure
115
Rejection, Revocation, and Cure Under Article 2 of the Uniform Commercial Code: Some Modest Proposals / John A. Sebert, Jr.
115
Breach and Remedy for the Tender of Noncon-forming Goods Under the Uniform Commercial Code: An Economic Approach / George L. Priest
119
Notes
124
3.4.
Contract Flexibility: Price and Quantity
128
Price Adjustments in Long-Term Contracts: The Case of Coal / Paul L. Joskow
128
Requirements and Output Contracts: Quantity Variations Under the UCC / John C. Weistart
132
Notes
139
3.5.
Contract Flexibility, Termination Rights and Damages
141
Embedded Options and the Case Against Compensation in Contract Law / George G. Triantis
141
The Right to Return / Eugene Kandel
148
Notes
151
3.6.
Good Faith Purchase
154
The Good Faith Purchase Idea and the Uniform Commercial Code: Confessions of a Repentant Draftsman / Grant Gilmore
154
Markets Overt, Voidable Titles, and Feckless Agents: Judges and Efficiency in the Antebellum Doctrine of Good Faith Purchase / Harold R. Weinberg
158
Notes
163
3.7.
Choice of Law
165
Contractual Choice of Law and the Prudential Foundations of Appellate Review / David Frisch
165
Intrastate Choice of Applicable Law in the UCC / Fred H. Miller
169
Notes
173
4.
Payment Systems
179
4.1.
Introduction
179
4.2.
Negotiability and the Modern Economy
185
The Commercial Doctrine of Good Faith Purchases / Grant Gilmore
185
Negotiability---Who Needs It? / Albert J. Rosenthal
188
Searching for Negotiability in Payment and Credit Systems / Ronald J. Mann
192
Optimal Standardization in the Law of Property: The Numerus Clausus Principle / Henry E. Smith
197
Notes
201
4.3.
The Finality Doctrine
205
A Payments Policy for the Information Age / Ronald J. Mann
205
Better Than Cash? Global Proliferation of Payment Cards and Consumer Protection Policy / Arnold S. Rosenberg
211
Notes
218
4.4.
Allocating the Risk of Loss, Theft, and Fraud
224
A Theory of Loss Allocation for Consumer Payments / Edward L. Rubin
224
Rules, Standards, and Precautions in Payment Systems / Clayton P. Gillette
230
Better Than Cash? Global Proliferation of Payment Cards and Consumer Protection Policy / Arnold S. Rosenberg
235
Efficiency, Equity, and the Proposed Revision of Articles 3 and 4 / Edward L. Rubin
239
Notes
243
5.
Credit Instruments, Suretyship and Standby Letters of Credit
247
5.1.
Introduction
247
5.2.
Motivations for Sureties and Standby Letters of Credit
250
Standby Letters of Credit in Bankruptcy / Douglas G. Baird
250
An Economic Analysis of the Guarantee Contract / Avery W. Katz
253
Notes
258
5.3.
Sureties versus Alternative Lending Arrangements
260
An Economic Analysis of the Guarantee Contract / Avery W. Katz
260
Notes
365
6.
Secured Credit
267
6.1.
Introduction
267
6.2.
Why are Some Creditors Secured and Others Not?
270
Secured Credit and Priorities Among Creditors / Anthony T. Kronman
270
Security Interests and Bankruptcy Priorities: A Review of Current Theories / Alan Schwartz
274
Monitors and Freeriders in Commercial and Corporate Settings / Saul Levmore
277
Notes
280
6.3.
Proceeds, After-Acquired Property and Future Advances
283
Rethinking Proceeds: The History, Misinterpretation and Revision of U.C.C. Section 9-306 / R. Wilson Freyermuth
283
A Relational Theory of Secured Financing / Robert E. Scott
289
Notes
292
6.4.
Priority Allocation Over Time: First-in-Time versus Later-in-Time Priority Rules
294
Explaining Creditor Priorities / Saul Levmore
294
Financial Slack Policy and the Laws of Secured Transactions / George G. Triantis
298
Notes
302
6.5.
Notice Filing and Disclosure Alternatives
305
Perfection Hierarchies and Nontemporal Priority Rules / Randal C. Picker
305
A Theory of Loan Priorities / Alan Schwartz
310
Notes
317
6.6.
Distributional Consequences of Secured Credit
320
The Unsecured Creditor's Bargain / Lynn M. Lopucki
320
Making Policy With Imperfect Information: The Article 9 Full Priority Debates / Elizabeth Warren
323
Security Interests and Bankruptcy Priorities: A Review of Current Theories / Alan Schwartz
329
The Uneasy Case for the Priority of Secured Claims in Bankruptcy / Jesse M. Fried
331
Notes
341