ContractsProf Blog

Editor: Myanna Dellinger
University of South Dakota School of Law

Monday, April 13, 2009

Man sells daughter, asks police to help collect payment

A A man who sold his 14-year-old daughter to a neighbor and then went to police to complain that the other party had breached the agreement by nonpayment has pleaded guilty to felony child endangerment.  The man allegedly sold his daughter for a “dowry” of $16,000, plus some beer and meat.

When the purchaser, having received and accepted the daughter, failed to pay, dad went to the police to complain.

[Frank Snyder]

April 13, 2009 in In the News | Permalink | TrackBack (0)

From Russia, with love

Russian authorities apparently are bringing charges against Swedish retailer IKEA for terminating a Moscow lease it had with an Italian clothing store that was its tenant. The government is proceeding under legislation that “prohibits forcing counterparties into unfavorable contracts.”  Anybody familiar with this statute?

[Frank Snyder]

April 13, 2009 in In the News | Permalink | Comments (0) | TrackBack (0)

Big banks as Petri dishes for lower compensation?

A A lot people have wondered whether the high-paid employees at the top investment bank are really worth the money they're paid.   After all, they were at the wheel when the car went into the ditch.  Could you do just as well by paying less?

Well, it looks like we're going to get a chance to find out.  In the wake of looming federal legislation that will put serious compensation caps on institutions that have received money under the Troubled Assets Relief Program, the New York Times reports that top earners are fleeing TARP-funded institutions for foreign banks and smaller outfits.  Those who have a choice are apparently leaving in droves, leaving behind their lower-paid colleagues who will not be hit has hard by the compensation caps.

It will be interesting to see whether the loss ofthese  millionaire traders hurts or helps firms like Goldman Sachs, Morgan Stanley, and Citigroup, who are now going to be run by people whose compensation is regulated by the Treasury department, while their outfits like Credit Suisee, Deutsche Bank, Aladdin Capital, and a host of new boutiques will keep paying those astronomical bonuses.  Stay tuned.

[Frank Snyder]

April 13, 2009 in In the News | Permalink | TrackBack (0)

Sunday, April 12, 2009

Perils of becoming a "national law school"

A The University of Wisconsin School of Law has over the years earned a justified resputation as a major national law school.  Its in-state rival, Marquette, also has a national focus.  But it's the national focus that might give the school sproblems in keeping one of their prized benefits: the in-state diploma privilege.  Three legal academics now on the federal bench are expressing doubt that the schools really are focused on Wisconsin law.

Wisconsin gives automatic bar admissions to graduates of the state's two law schools, UWM and Marquette -- the last state in the Union to grant a diploma privilege now that West Virginia and Mississippi have stopped the practice.  That policy is under attack in a class action by students who didn't attend those schools, and at oral argument last week three judges of the U.S. Court of Appeals for the Seventh Circuit expressed doubt that the state's justification for the privilege -- that students at the two law schools got a grounding in Wisconsin law that others do not -- was anything more than a "fiction."

Interstingly, all three judges on the panel are themselves legal academics.  Judges Richard Posner (J.D. Harvard) and Diane Wood (Texas) both served on the faculty at the University of Chicago.  Senior Judge Kenneth Ripple (UVA) is a long-time faculty member at Notre Dame.

Since the action was dismissed below without developing a record to support the state's claim that its law schools are uniquely focused on Wisconsin law, the two schools will have the opportunity to demonstrate their point of difference..  Over at Conglomerate Blog, former UWM professor Gordon Smith points out that in Contracts classes the "Wisconsin Materials" used in all sections (the Macaulay-Kidwell-Whitford Contract Law in Action) do put a heavy emphasis on the law of the Badger State.

[Frank Snyder]

April 12, 2009 in Law Schools | Permalink | TrackBack (0)

Happy Easter, everyone!


[Frank Snyder]

April 12, 2009 in In the News | Permalink | TrackBack (0)