About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

74 Minn. L. Rev. 227 (1989-1990)
A Functional Analysis of Executory Contracts

handle is hein.journals/mnlr74 and id is 235 raw text is: A Functional Analysis of Executory Contracts Jay Lawrence Westbrook* TABLE OF CONTENTS Introduction ........................................... 228 I. The Problem .......................................... 231 A. The Fundamentals of Bankruptcy Contracts .... 231 B. Recent History ................................... 233 1. Context ....................................... 233 2. Traditional Approaches ....................... 234 3. The Material Breach Test .................... 236 C. The Current Difficulties ......................... 239 II. Functional Analysis ................................... 242 A. The Basics ........................................ 247 1. What makes Contracts Unique in Bankruptcy? .................................. 247 2. Nonbankruptcy Law .......................... 249 3. The Limitation of Remedies in Bankruptcy.. 252 B. Specific Performance ............................. 255 C. An Interest in the Thing Itself ................... 257 D. Step-By-Step Analysis ............................ 263 1. Debtor As Buyer .............................. 263 2. Debtor as Seller .............................. 268 E. Impact of the Avoiding Powers .................. 270 F. Discharge ......................................... 275 G. Assumption and Rejection: Deciding to Perform or Breach ......................................... 280 H. Summary of the Functional Approach ........... 281 III. The Pernicious Effects of Executoriness ............. 282 * Andrews & Kurth Centennial Professor of Law, The University of Texas at Austin. This article is respectfully dedicated to Professor Vern Coun- tryman, whose work is the standard for all of us who labor in the vineyards of commercial law. Development of the concepts in this paper has been greatly aided by conversations with Elizabeth Warren and Douglas Whaley. I am es- pecially grateful to my colleague Douglas Laycock for his comments on earlier drafts. I am also indebted to James M. Bettis for indefatigable help with the research, as well as to David Hurst for all his assistance in recent months.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most