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• W1545920308 abstract "My relationship with Bill Stuntz began in 1981 when he was assigned as a first-year student to my course in Contracts. This was a large class--close to 150 students as I recall. And, in a quirk of the random selection mechanism, the class contained a majority of the students who would later comprise the managing board of the Virginia Law Review. As a group, they made that class one of the best teaching experiences of my life in Contracts. To be sure, Bill was an anonymous member of this extraordinary group for a month or two, but after a while, having called on him several times, I knew that this one was a gem: like many others in the class he was smart and very well prepared, but what distinguished Bill was his remarkable skill making good legal arguments. He had a rare gift--intuitive ability to distinguish good arguments from silly ones. All this is true, but it is only the preface for the story I am about to tell. By the second semester, we reached the point where it was time to think about relational contracting in fairly rigorous terms. The material was hard for many students as it involved a good bit of economic analysis, but I had confidence that, with the assistance of Stuntz and his cohort, difficult concepts would be clarified quickly. By now. Bill's hand was often in the air and, almost invariably, he made really smart points--but not always. One day, I was teaching how parties to relational contracts can agree on the optimal quantity of goods to produce and sell. I used a simple graphic of a marginal cost curve sloping upward and a marginal revenue curve intersecting it sloping down. Then I posed a softball question to the class: Assume the parties consist of a principal as the producer of a good and an agent as the good's distributor, and assume that they know these curves. I then asked, at what point would they ideally want the agent to stop selling? All will recall from their Introductory Economics course in college that the stopping point is the point of maximum joint profitability where the curves intersect. I looked out in the class and to my relief spotted Bill with his hand in the air: Yes, Mr. Stuntz. the lines are the farthest apart, he said proudly. I was completely nonplused. All I could do (as he would later remind me for years to come) was to say, five times over, NO! NO! NO! NO! NO! Notwithstanding this one embarrassment, Bill excelled in Contracts, earning the highest grade in the class in both semesters. We kept in contact as he progressed through law school and so I was delighted when my colleagues and I could welcome him back to Virginia as a colleague several years later. I confess that I was disappointed when Bill--against my best advice--chose criminal procedure rather than contracts and commercial law as his scholarly concentration, but after several years we agreed to co-teach a seminar on Plea Bargaining, and out of the seminar came a law review article: Plea Bargaining as Contract.(1) In the middle of the editing process for the article, I was named dean of the Law School and Bill with customary grace assumed one hundred percent of the responsibility for preparing the piece and a subsequent reply for publication. When the editors requested citations, I told Bill to deal with it. Only later did I discover that this required endless hours of negotiations with the Yale Law Journal over my practice of reusing old footnotes that I had first trotted out in earlier articles. For the next ten years our relationship took on a somewhat different cast. Bill became a most valued informal advisor and confidant. I used to walk the halls, especially in the late afternoon. Sooner or later, I would end up Bill's office. The door was open, his feet were on the desk, surrounded by piles of books, hundreds of empty Coke cans, and other detritus. Not once did he indicate that his time could be better spent on his own projects, and I would usually unburden myself about matters far removed from his own sphere of interests. …" @default.
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• W1545920308 date "2011-06-01" @default.
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• W1545920308 title "In Memoriam: William J. Stuntz" @default.
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