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- W2600287533 abstract "I. INTRODUCTION 268II. BACKGROUND 269A. The Cautionary Tale of Industronics 269B. A Historical Primer on Usury Law 2711. The Rise of Usury Law 2712. The Fall of Usury Law 273C. The Common Characteristics of Lessees Who Rent-to-Own 274D. Rent-to-Own Leases as Sui Generis 276E. The Finance Lease Distinguished 277F. Lessees as Consumers or Merchants 279III. ANALYSIS 281IV. RECOMMENDATION 282A. The New Merchant 283B. Distinguishing New Merchants from Merchants 283C. Inclusion of New Merchants as Consumers 284D. Graduation from New Merchant to Merchant 285E. Abuse of Membership 286V. CONCLUSION 287I. INTRODUCTIONAmericans tend to put a greater premium on personal freedoms and liberties than do some other modem societies because of our unique cultural history,1 and there is friction between our liberties and the laws which restrain them as a result. One illustration of this friction is the conflict between the right of citizens to freely enter into contracts, and the legislation of safeguards designed to prevent the enforcement of those contracts deemed harmful or otherwise undesirable. A series of United States Supreme Court decisions catalogues the clash between these interests. These cases date, from the beginning of the twentieth century in Lochner, when the Court held that freedom to contract was a constitutional right protected by the Due Process Clause.2 This conception of the right to contract lasted until 1937, when a majority of the Court held that state laws regulating employment and commercial transactions did not violate that right.3Since the end of the Lochner era, how much protection individuals receive and the restrictions put on their rights to contract have been largely determined by statute.4 We have enacted broader protections for consumers, with the goal in mind of preventing their exploitation.5 Conversely, a different set of laws regulates commercial transactions. These laws were passed with the aim of either promoting commerce or removing unreasonable barriers to commerce.6 There is still friction at the margins between these approaches today.This Note argues that initial entrants into commercial markets are, in important ways, analogous to those consumers who receive special protections in consumer leases. The underlying premise justifying special consumer protections is that consumers participate in fewer transactions of any given type than merchants, which renders them less likely to have access to important information. Thus, consumers are less likely to stand on equal footing with professionals, and accordingly, are more susceptible to exploitation.7 This unfair treatment may come in the form of unreasonably high interest rates and fees for the term of a lease, or requirements that the new commercial lessee waive certain rights. …" @default.
- W2600287533 created "2017-04-07" @default.
- W2600287533 creator A5035829013 @default.
- W2600287533 date "2015-01-01" @default.
- W2600287533 modified "2023-09-26" @default.
- W2600287533 title "Lessor Evils: Implementing Additional Safeguards for New Entrants to Commercial Markets" @default.
- W2600287533 hasPublicationYear "2015" @default.
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