LWMTAI: Advanced International Commercial Law Issues

Module code: LWMTAI

Module provider: School of Law

Credits: 20

Level: Postgraduate Masters

When you'll be taught: Semester 1

Module convenor: Professor Gerard McMeel, email: g.mcmeel@reading.ac.uk

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: No

Last updated: 21 May 2024

Overview

Module aims and purpose

Drawing on the theoretical distinction between the market and the firm (Coase 1960; Jensen and Meckling 1976; Williamson 1986; 2000), the module examines 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. 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 looks at a series of case studies to inform this analysis in such diverse areas as company, IP, energy and technology. The study of Law and Economics of Governance provides the intellectual backbone of the course. This field, that has its origins in Ronald Coase’s work (Coase 1937, 1960), emphasises 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, insurance, contract, and firm. 

Module learning outcomes

By the end of the module, it is expected that students will be able to:

1. Develop critical arguments on the different types of contractual relationships within firms.
2. Assess the structure of the firm and different forms of corporate governance.
3. Identify the relative merits of property rights versus contracts in promoting innovation.
4. Critically evaluate the interplay between law and economics and institutions.

Module content

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 course 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. Seminar materials 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. 

The module may cover the following topics: 

• Foundations of Law and Economics  
• Agency Theory and Market Failures  
• Contract Law and Property rights 
• Financial Intermediation and corporate governance 
• Insurance and Arbitration disputes   
• Climate, Corporate law, and Environment   
• Consumer theories of harm  
• ESG and Business and Human Rights  
• Law and Economics of IP rights 
• IP-WTO Patent case study 

Structure

Teaching and learning methods

Teaching is by seminar method, whereby material is prepared in advance and made available online for class discussion. This will strengthen student’s understanding of the more specialist issues which normally follow later in the academic year. Learning methods require the following components: 

• 11 weeks 2-hour seminars plus 3 weeks of assessment in Semester 1. Seminars are discussion-based classes  
• Assessed coursework  
• Non-assessed group presentation  
• Case study on IP, arbitration, technology 

Study hours

At least 22 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 50% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• 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 three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

In-class peer assessment for individual/group presentation.

Reassessment

Additional costs