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An Exculpatory Clause Is Not a 'Get Out of Jail Free' Card
Until recently, it appeared that exculpatory clauses could exonerate a party from liability under all circumstances. According to case precedent, in a landord/tenant context, it seemed as though a landlord need only cite economic self-interest as the basis for its non-performance under the lease agreement and enforce the exculpatory clause against its tenant, thereby limiting the tenant's remedies to specific performance, injunctive relief, and/or arbitration.
The purpose of an exculpatory clause is to limit the landlord's liability for monetary damages in the event of the landlord's non-performance under the lease agreement. Essentially, the exculpatory clause prevents the tenant from claiming monetary damages for lost income, loss of profits, and/or loss of business. While it is common business practice in commercial leasing to use an exculpatory clause, 'it is well settled that a commercial lease represents a 'valuable property interest' for which equitable protection is available.' (Banc of America Securities LLC v. Solow Building Company II, L.L.C. No. 9931 slip op. 09545 (N.Y.App. Div. Dec. 4, 2007) ('Solow')). Accordingly, the tenant's property rights can be severely handicapped if the landlord's conduct remains unrestricted.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.