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LAW 1051: Payment Systems: Cryptocurrencies

This seminar is designed to afford students the opportunity to study the regulation of new, cutting edge payment systems that employ blockchain technology. To do so, students will familiarize themselves with the current state of the law of payment systems as represented in the Uniform Commercial Code, the National Bank Act, and other relevant statutes. Students will then engage readings regarding the regulatory difficulties presented by the realities of cryptocurrency technology. We will start with the history of digital currency, then look at the laws, organizations, trends, and communities behind it to build a complete picture of the ecosystem surrounding blockchain technology. Each student will present and discuss a paper on a topic of interest within the world of cryptocurrencies generally. Each of the students will research and write a paper on cryptocurrency regulation or regulatory technology as the principle component of their final grades. Students have two options. Those taking the course for 2 units (Section 01) will write papers that meet the PW (Professional Writing) requirement. Students taking the course for 3 units (Section 02) will write a long research paper. After the term begins, students accepted into the course can transfer from Section (01) into Section (02), which meets the R (Research) requirement, with consent of the instructor. Elements used in grading: Attendance, Class Participation, Written Assignments, Final Paper.

Last offered: Winter 2019

LAW 1052: Venture Capital and the Dual Fiduciary

This course introduces students to the business and legal/governance issues in venture capital. We will begin with the role of venture capital in the broader US economy, who the players are in the ecosystem and how venture capital funds are raised and managed. We will then have a series of modules through which we'll understand how venture capitalists structure deals (including a full understanding of the economic and governance issues associated with a term sheet). We will dive into the role of the board post-investment, with a particular emphasis on the fiduciary duties (often conflicting) of the board in governing a venture capital financed business. In particular, we will look at the role of the board in financing activities, M&A activities and various special situations. The course will utilize case law as well as various articles and case studies to articulate the potential governance issues boards may encounter. We will focus on practical applications of the rules to real-world situations, with the goal of preparing students post-graduation to be able to properly advise venture-backed boards on how to successfully navigate many of the governance challenge. This class will meet the first five weeks of the quarter (September 25 to October 23). Elements used in grading: Attendance, Class Participation, Written Assignments.

Last offered: Autumn 2018

LAW 1053: International Securities Regulation

This course will focus on the application of United States securities laws and regulations to non-US issuers. We will examine how that regulatory framework differs for non-US issuers, as compared to issuers domiciled in the United States. Initial public offerings, private placements under Rule 144A and Regulation S and ADR programs will all be covered. We will also discuss ongoing reporting requirements and other implications of being a non-US public company. We will take a close look at the Alibaba IPO . The course will be taught from a practical perspective with in-class review of SEC filings, offering documents, SEC correspondence and applicable SEC rules. The Morrison Case and its progeny defining the reach of U.S. Securities law to conduct with limited U.S. contacts, as well as SEC enforcement actions against non-US issuers, will also be examined. Prior completion of Securities Regulation or a comparable securities law class strongly encouraged. Elements used in grading: Class Participation, Final Exam.

Last offered: Spring 2019

LAW 1054: Economics of Contracts

This course will combine contract theory, a field of economics for which several Nobel prizes have been awarded, with a study of the practice of business transactions. Our discussion will explore how well economic theory illuminates actual contracting practices and how the practice of contract design deviates from theory. Our overarching goal will be to develop an understanding of business transactions that goes beyond the drafting of contract language to conceptual and structural features of agreements. We will discuss design topics such as how contracts respond to incomplete information, the "make or buy" choice (whether to carry out a project within a firm or contract with an external party), the role of judicial enforcement in relational contracts, the use of vague and/or precise language in agreements, obstacles and process of innovation in contracting, and the role and effect of bargaining power. This course differs from the Deals course in that it covers a different set of topics and is less applied, and this course will be conducted in a seminar fashion. Elements used in grading: Class participation, Written Assignments.

Last offered: Spring 2020

LAW 1055: Law of Nonprofits

This course provides an overview of laws and policies affecting the nonprofit sector. The course will focus both on state laws governing nonprofit corporations and charitable trusts as well as federal tax laws applicable to section 501(c) entities. Topics will include the fiduciary duties of nonprofit directors and trustees, obtaining and maintaining tax-exempt status, nonprofit lobbying and political activities, private foundations and donor-advised funds, and alternative organizational forms such as low-profit limited liability companies and benefit corporations. Lectures and discussions will be supplemented by in-class conversations with leaders of local nonprofit organizations. Special Instructions: No pre-requisites. Knowledge of basic tax and/or corporate law is helpful but not required. Elements used in grading: Final exam.

Last offered: Winter 2020

LAW 1056: Regulatory Economics

Law 1056 examines public policies for dealing with problems arising in markets in which competitive forces are weak. The focus is on monopolies, oligopolies, cartels, and other environments where market mechanisms are unlikely to produce outcomes that benefit consumers more than the alternatives involving costly government intervention. The two main areas examined are competition policy and economic regulation. Competition policy refers to laws that define certain market behavior as illegal because it is harmful to competition or fails to provide consumer benefits that justify its costs to consumers. Economic regulation refers to policies in which government controls prices and/or decides the terms and conditions under which firms can participate in a market. A growing area of study and policy design is the introduction of market mechanisms into formerly regulated industries such as: telecommunications, electricity, airlines, railroads, postal delivery services and environmental regulation. Prerequisites: Econ 51 or equivalent. Elements used in grading: Class Participation, Attendance, Written Assignments, Final Paper and Final Exam. Cross-listed with Economics ( ECON 158).

Last offered: Winter 2020

LAW 1057: The Role of the General Counsel

Many of today's lawyers look to the role of the corporate general counsel as a dynamic career at the intersection of law and business. This course will explore how in-house lawyers add value as a strategic advisor on business strategy and execution, risk management, ethical challenges and overall corporate governance. We will investigate how corporate general counsel interact with the CEO, the executive leadership team, the board of directors, regulators, policy makers and law enforcers. We will learn how in-house counsel build, develop, retain and lead diverse and global teams of professionals across many disciplines. We will hear from experienced and diverse in-house lawyers as well as business leaders. This class will also explore areas of the law that are integral to in-house practice through the lens of a global corporation -- including transactions, corporate governance, ethics and compliance, securities and SEC reporting, internal investigations, and litigation -- from the perspective of the attorney whose job is simultaneously both lawyer and client. Students will gain important practical insights into how a global general counsel leads their team and their corporation. Elements used in grading: Attendance, Class Participation, Written Assignments, Final Paper.

Last offered: Autumn 2022

LAW 1059: Race, Class and Tax

This one unit course is only an option for students who are concurrently enrolled Taxation I ( LAW 1029) or who have previously taken Taxation 1. The course is an extension of Taxation I with a greater focus on race and class. Goals of the class include deciding which additional materials should be assigned to the basic Taxation 1 course, and what other changes might be made in Taxation 1 and the (Bankman/Shaviro/Stark/Kleinbard) casebook used for the course. The one unit will be graded mandatory P/R/F. After the term begins, students enrolled in Taxation I may enroll in Race and Tax Policy with instructor consent.

Last offered: Autumn 2020

LAW 1060: Global Business Law and Policy: Latin America

This seminar prepares students for the field study portion of the Global Quarter and is only open to students participating in the Global Quarter. Through a mix of guest lectures and class discussions, the seminar will explore subjects to be addressed in our visits with lawyers, regulators and foreign students in (TBA). Topics will include an introduction (TBA) institutions, ESG (Environment, Social and Governance) issues, data privacy, startup ecosystems, and the regulation of fintech. Elements used in grading: Attendance, Class Participation, Written Assignments.

Terms: Spr | Units: 3

Instructors: Schneider, A. (PI)

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