Since at least the time of Tocqueville, observers have noted that Americans draw on the language of rights when expressing dissatisfaction with political and social conditions. As the United States confronts a complicated set of twenty-first-century problems, that tradition continues, with Americans invoking symbolic events of the founding era to frame calls for change. Most observers have been critical of such "rights talk." Scholars on the left worry that it limits the range of political demands to those that can be articulated as legally recognized rights, while conservatives fear that it creates unrealistic expectations of entitlement. se language of the clause. Using this case as a launching pad to explore the broader issue of the "stickiness" of contract boilerplate, Mitu Gulati and Robert E. Scott have sifted through more than one thousand sovereign debt contracts and interviewed hundreds of practitioners to show that the problem actually lies in the nature of the modern corporate law firm. The financial pressure on large firms to maintain a high volume of transactions contributes to an array of problems that deter innovation.
With the near certainty of massive sovereign debt restructuring in Europe, "The Three and a Half Minute Transaction" speaks to critical issues facing the industry and has broader implications for contract design that will ensure it remains relevant to our understanding of legal practice long after the debt crisis has subsided.