Introduction: The Three and a Half Minute Transaction: Boilerplate and the Limits of Contract Design

12 Pages Posted: 20 Oct 2011 Last revised: 25 Dec 2014

See all articles by G. Mitu Gulati

G. Mitu Gulati

Duke University School of Law

Robert E. Scott

Columbia University - Law School

Date Written: October 18, 2011

Abstract

The Hofstra Law Review has organized an “Ideas” symposium around our book manuscript “The Three and a Half Minute Transaction” (see http://ssrn.com/abstract=1937900). The idea for this symposium came from a debate that occurred at a faculty workshop at the Hofstra Law School some months ago where we were presenting our book manuscript. The topics of conversation included the following: the future of the current big-law-firm model, what value lawyers add in commercial transactions that use boilerplate contracts, why (and whether) boilerplate contracts are so slow to change, why law firms do not generally have R&D departments, the resolution of the Eurozone sovereign debt crisis and more. The Essays in this symposium are from an exceptional group of scholars and practitioners and we are honored that they use our manuscript as their jumping off point to tackle some of the topics mentioned. What we provide here is a brief introduction to the manuscript itself.

Keywords: Boilerplate Contracts, Pari Passu Clause, Financial Contracts

Suggested Citation

Gulati, Gaurang Mitu and Scott, Robert E., Introduction: The Three and a Half Minute Transaction: Boilerplate and the Limits of Contract Design (October 18, 2011). Columbia Law and Economics Working Paper No. 410. Available at SSRN: https://ssrn.com/abstract=1945988 or http://dx.doi.org/10.2139/ssrn.1945988

Gaurang Mitu Gulati (Contact Author)

Duke University School of Law ( email )

210 Science Drive
Box 90362
Durham, NC 27708
United States

Robert E. Scott

Columbia University - Law School ( email )

435 West 116th Street
New York, NY 10025
United States
212-854-0072 (Phone)

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