the three and a half minute transaction boilerplate and the limits of contract design chicago series in law and society

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The Three And A Half Minute Transaction

Author : Mitu Gulati
ISBN : 9780226924380
Genre : Law
File Size : 26. 3 MB
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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.

Invitation To Law And Society Second Edition

Author : Kitty Calavita
ISBN : 9780226296616
Genre : Social Science
File Size : 40. 28 MB
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Law and society is a rapidly growing field that turns the conventional view of law as mythical abstraction on its head. Kitty Calavita brilliantly brings to life the ways in which law is found not only in statutes and courtrooms but in our institutions and interactions, while inviting readers into conversations that introduce the field’s dominant themes and most lively disagreements. Deftly interweaving scholarship with familiar examples, Calavita shows how scholars in the discipline are collectively engaged in a subversive exposé of law’s public mythology. While surveying prominent issues and distinctive approaches to both law as it is written and actual legal practices, as well as the law’s potential as a tool for social change, this volume provides a view of law that is more real but just as compelling as its mythic counterpart. With this second edition of Invitation to Law and Society, Calavita brings up to date what is arguably the leading introduction to this exciting, evolving field of inquiry and adds a new chapter on the growing law and cultural studies movement.

Pulled Over

Author : Charles R. Epp
ISBN : 9780226114040
Genre : Law
File Size : 78. 60 MB
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In sheer numbers, no form of government control comes close to the police stop. Each year, twelve percent of drivers in the United States are stopped by the police, and the figure is almost double among racial minorities. Police stops are among the most recognizable and frequently criticized incidences of racial profiling, but, while numerous studies have shown that minorities are pulled over at higher rates, none have examined how police stops have come to be both encouraged and institutionalized. Pulled Over deftly traces the strange history of the investigatory police stop, from its discredited beginning as “aggressive patrolling” to its current status as accepted institutional practice. Drawing on the richest study of police stops to date, the authors show that who is stopped and how they are treated convey powerful messages about citizenship and racial disparity in the United States. For African Americans, for instance, the experience of investigatory stops erodes the perceived legitimacy of police stops and of the police generally, leading to decreased trust in the police and less willingness to solicit police assistance or to self-censor in terms of clothing or where they drive. This holds true even when police are courteous and respectful throughout the encounters and follow seemingly colorblind institutional protocols. With a growing push in recent years to use local police in immigration efforts, Hispanics stand poised to share African Americans’ long experience of investigative stops. In a country that celebrates democracy and racial equality, investigatory stops have a profound and deleterious effect on African American and other minority communities that merits serious reconsideration. Pulled Over offers practical recommendations on how reforms can protect the rights of citizens and still effectively combat crime.

Working Law

Author : Lauren B. Edelman
ISBN : 9780226400938
Genre : Social Science
File Size : 69. 73 MB
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Since the passage of the Civil Rights Act, virtually all companies have antidiscrimination policies in place. Although these policies represent some progress, women and minorities remain underrepresented within the workplace as a whole and even more so when you look at high-level positions. They also tend to be less well paid. How is it that discrimination remains so prevalent in the American workplace despite the widespread adoption of policies designed to prevent it? One reason for the limited success of antidiscrimination policies, argues Lauren B. Edelman, is that the law regulating companies is broad and ambiguous, and managers therefore play a critical role in shaping what it means in daily practice. Often, what results are policies and procedures that are largely symbolic and fail to dispel long-standing patterns of discrimination. Even more troubling, these meanings of the law that evolve within companies tend to eventually make their way back into the legal domain, inconspicuously influencing lawyers for both plaintiffs and defendants and even judges. When courts look to the presence of antidiscrimination policies and personnel manuals to infer fair practices and to the presence of diversity training programs without examining whether these policies are effective in combating discrimination and achieving racial and gender diversity, they wind up condoning practices that deviate considerably from the legal ideals.

More Than You Wanted To Know

Author : Omri Ben-Shahar
ISBN : 9781400850389
Genre : Law
File Size : 79. 44 MB
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Perhaps no kind of regulation is more common or less useful than mandated disclosure—requiring one party to a transaction to give the other information. It is the iTunes terms you assent to, the doctor's consent form you sign, the pile of papers you get with your mortgage. Reading the terms, the form, and the papers is supposed to equip you to choose your purchase, your treatment, and your loan well. More Than You Wanted to Know surveys the evidence and finds that mandated disclosure rarely works. But how could it? Who reads these disclosures? Who understands them? Who uses them to make better choices? Omri Ben-Shahar and Carl Schneider put the regulatory problem in human terms. Most people find disclosures complex, obscure, and dull. Most people make choices by stripping information away, not layering it on. Most people find they can safely ignore most disclosures and that they lack the literacy to analyze them anyway. And so many disclosures are mandated that nobody could heed them all. Nor can all this be changed by simpler forms in plainer English, since complex things cannot be made simple by better writing. Furthermore, disclosure is a lawmakers' panacea, so they keep issuing new mandates and expanding old ones, often instead of taking on the hard work of writing regulations with bite. Timely and provocative, More Than You Wanted to Know takes on the form of regulation we encounter daily and asks why we must encounter it at all.

Seduction By Contract

Author : Oren Bar-Gill
ISBN : 9780199663361
Genre : Business & Economics
File Size : 31. 13 MB
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Seduction by Contract explains how consumer contracts emerge from market forces and consumer psychology. Consumers' predictable mistakes - they are short-sighted, optimistic, and imperfectly rational - compel sellers to compete by hiding the true costs of products in complex, misleading contracts. Only better law can overcome the market's failure.

The Dignity Of Commerce

Author : Nathan B. Oman
ISBN : 9780226415666
Genre : Law
File Size : 73. 72 MB
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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.

Boilerplate

Author : Margaret Jane Radin
ISBN : 9780691155333
Genre : Law
File Size : 78. 11 MB
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"The law has allowed a very basic idea--that humans might come to an agreement--to morph into an embarrassment for law and injustice for too many. This brilliant and powerful book puts the mess in context, and offers a path forward to reform."--Lawrence Lessig, Harvard University "This important book lays out the strongest possible attack on a legal regime that allows businesses to predraft terms of agreement, modify consumers' legal rights, and privately legislate rules of play in the market. To those interested in understanding the values that such practices violate, the potential harms that widespread boilerplate may cause, and legal methods that can be harnessed to protect vanishing consumer rights, this book is a milestone."--Omri Ben-Shahar, University of Chicago "This clear and highly readable book makes accessible to a wide audience the most comprehensive and in-depth discussion to date of a persisting challenge to the legitimacy of contract relations in modern societies. We all have to deal with boilerplate. Radin's outstanding book is indispensable to understanding its practical and theoretical significance, and to promoting justice in contractual relations."--Peter Benson, University of Toronto Faculty of Law "When we sign or click on a form we never negotiated or even read, do we really 'agree' to all the terms its drafter wishes to impose on us--no matter how sneaky or outrageous? Radin shows how allowing boilerplate to govern our relationships can degrade our values and democracy. This elegant and lucid book is a profound meditation on contract law and the meaning of consent."--Robert W. Gordon, Stanford Law School "This beautifully written and persuasively argued book tackles an immensely important and timely topic: the increasing use of boilerplate or standard form contracts in the provision of goods and services. It will receive much attention for its diagnosis of problems that boilerplate contracts present and for its imaginative canvassing of possible legal and regulatory responses."--Michael Trebilcock, University of Toronto Faculty of Law "Radin critiques the mass phenomenon of boilerplate, or nonnegotiable contract terms, of which consumers are unlikely to be aware. The book introduces and elegantly combines several theoretical challenges in this area and will be an important intervention in the debate."--Aditi Bagchi, Fordham University School of Law

The Illusion Of Free Markets

Author : Bernard E. Harcourt
ISBN : 9780674059368
Genre : Business & Economics
File Size : 35. 97 MB
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Harcourt argues that the way we think about markets has distorted the way we think about criminal justice, to the detriment of both spheres. He calls to task the conceptualization of market exchange as “free” and “natural,” an idea he traces back to the 18th-century French Physiocrats, and finds reinforced in modern neoliberal theory. This “illusion” continues to contribute to the expansion of American penality, as those who bypass the natural order of the market system are subject to policing and punishment by a government whose primary purpose is to protect the unfettered operation of capitalism.

Language In The Legal Process

Author : J. Cotterill
ISBN : 9780230522770
Genre : Language Arts & Disciplines
File Size : 87. 89 MB
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Linguists and lawyers from a range of countries and legal systems explore the language of the law and its participants, beginning with the role of the forensic linguist in legal proceedings, either as expert witness or in legal language reform. Subsequent chapters analyze different aspects of language and interaction in the chain of events from a police emergency call through the police interview context and into the courtroom, as well as appeal court and alternative routes to justice. A broad-based, coherent introduction to the discourse of language and law.

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