LWMTAI-Advanced International Commercial Law Issues
Module Provider: School of Law
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Autumn term module
Pre-requisites:
Non-modular pre-requisites: Registered for a postgraduate programme in Law or selected MA or MSc programmes or with permission of the Director of PGT Studies in Law.
Co-requisites:
Modules excluded:
Current from: 2023/4
Module Convenor: Dr Jorge Guira
Email: j.m.guira@reading.ac.uk
Summary module description:
This is a series of seminars designed to provide students an advanced analysis and critical understanding of the most relevant areas of transactional business law issues facing lawyers in today’s globalised economy. The study of law and economics of governance provides the intellectual backbone of the course. This field, that has its origins in Ronal Coase’s work (Coase 1937, 1960), emphasizes the role of institutions in providing governance of societal interaction. The study of institutions is broadly concerned with the study of the optimal institutional forms through which social problems may be resolved. We will focus on a wide range of institutions, including property, contract, hierarchy, firm and liability.
Drawing on the theoretical distinction between the market and the firm (Coase 1960; Jensen and Meckling 1976; Williamson 1986; 2000), the course will examine a number of different types of contractual relationships that may take place within the firm, in the market, or in other hybrid forms of governance, such as franchising, licensing, and sub-contracting agreements, repeated and long-term purchasing contracts and joint venture agreements. Through the lenses of this theoretical approach, it shall further explore when and why two companies may prefer to merge in a single firm as an alternative of dealing via arms-length contract as well as the role of property rights, as alternative to contracts, and their role in promoting innovation. The module will look at a series of case studies to inform this analysis in such diverse areas as financial services, corporate insolvency, competition, behavioural economics, energy, transport and technology.
Aims:
This module aims to provide students with an advanced knowledge of various types of contractual relationships that arise in today’s globalised economy, by taking a contextual approach to the study of law and economics of governance. In particular, the module aims to enable students to appreciate and critically assess the different institutional forms contractual relationships take, the situations in which each of these forms might be applied appropriately as well as the challenges that arise in their application. The module takes a practical approach with a number of case studies in various areas of law and with an eye to real world implications.
Assessable learning outcomes:
On completion of the module, students will be expected to be able to:
- Appreciate the different types of contractual relationships that arise in the globalised economy.
- Assess which contractual relationships should be best carried out in the market, within the firm and in other hybrid forms of governance.
- Appreciate the relative merits of property rights versus contracts in promoting innovation.
- Identify and evaluate the challenges that arise in state organised markets.
Additional outcomes:
In addition to those listed in the School’s ‘core skills statement’ the module will encourage the development of:
- High-level oral communication skills through reflective, analytical class discussion.
- High-level writing skills through close and critical analysis of both primary and secondary source material.
- An ability to apply theoretical and contextual knowledge to practical problems that face people working in the field.
- A sophisticated appreciation of the interplay between law and economics and institutions.
Outline content:
Week 1. Introduction to the module
Week 2. Foundations of Law and Economics
Week 3. Agency Theory and Market Failures
Week 4. Formative Assessment Week
Week 5. IP-WTO Covid Patent Case Study
Week 6. Liability and immunity of financial supervisors
Week 7. Insurance and Arbitration disputes
Week 8. Climate, Corporate law, and Environment
Week 9. Consumer theories of harm
Week 10. ESG and Business and Human Rights
The theme of the module is to consider how law attempts to create and maintain an order that promotes economic growth, development, equitable outcomes, and justice.
Each seminar will grapple with three key dimensions: Is the law efficient? Is it equitable? How does it deal with issues of at least two of these important traditional and modern parameters: risk, bias, externalities, sustainability, information asymmetry, and innovation?
The class is intended to provide a foundation in theory and to show how this theory or a resulting policy can be criticised as well, as applied to concrete problems. This consequently relates to and considers specific rules and commercial relationships between different persons in society, and how it impacts commerce, finance, and various population segments.
It then will address issues that are important, highlighting various selected areas as to what are the key law and policy arguments. It will link this to whether they advance certain ends (efficiency, equity and the above parameters), and how.
The module is intended to show that the law sometimes may achieve one end but at the expense of others. There may be trade-offs in certain issue areas. Lectures may contain strong advocacy for a particular perspective or be agnostic. Readings will be more balanced and will endeavour to present the potential costs and benefits of each approach and perspective, as applied to a specific problem.
The objective is to help students better identify the key core dimensions of commercial law and whether they contribute to appropriate outcomes in regulation, litigation, and transactions.
Brief description of teaching and learning methods:
Teaching in this module is designed to provide students with a range of resources on which they can draw in their learning. The main elements are:
- A list of required and recommended readings, with notes and questions that will be used to guide class discussion and reflection. Over the course of the seminar students must submit one 500-word response papers to the readings for a given session and post that paper on the course website before class. These response
papers are fundamental for the holding of a good discussion of the materials, as is a thorough reading of the assigned readings
- 10 Seminars in the autumn term. Seminars are discussion-based classes
- Assessed work that will be used to develop students' skills and knowledge
- An electronic discussion board will be available for students enrolled in this module Leading practitioners/competition authority officials specialising in the enforcement of
competition law will be invited as guest lecturers. Students are encouraged to actively engage with the issues being addressed.
Summative Assessment Methods:
| Method |
Percentage |
| Written assignment including essay |
100 |
Summative assessment- Examinations:
Summative assessment- Coursework and in-class tests:
1 assessed essay of 15 pages (formatted in accordance with the School of Law’s Assessed Work Rules):
Penalties for late submission:
The below information applies to students on taught programmes except those on Postgraduate Flexible programmes. Penalties for late submission, and the associated procedures, which apply to Postgraduate Flexible programmes are specified in the policy “Penalties for late submission for Postgraduate Flexible programmes”, which can be found here: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmissionpgflexible.pdf
The Support Centres will apply the following penalties for work submitted late:
- where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
- where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.
The University policy statement on penalties for late submission can be found at:
https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.
Assessment requirements for a pass:
50% overall
Reassessment arrangements:
See School of Law PGT Programme Handbook
Additional Costs (specified where applicable):
1) Required text books:
2) Specialist equipment or materials:
3) Specialist clothing, footwear or headgear:
4) Printing and binding:
5) Computers and devices with a particular specification:
6) Travel, accommodation and subsistence:
Last updated: 25 September 2023
THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.