Lowenstein receives Best Article Award

Henry Lowenstein, professor of business law, won the Best Article Award from the Southern Academy of Legal Studies in Business (SALSB) for his lead article in the Southern Law Journal (Fall 2018). The award was presented at the SALSB annual meeting in San Antonio, Texas, in February.

The article, titled “It’s a Deal! When an Agreement Is an Agreement? English Rule vs. The Restatement (Second) of Contracts,” deals with the complexity of business law contracts in which the parties have an agreement and act on the promises of the agreement even though not all technical aspects of a written contract are in place. According to Lowenstein, the article addresses whether or not the “Intent to be Bound” component of an agreement is enforceable.

“This has played a major role in the enforcement of major business agreements including the famous $11 billion win of Pennzoil over Texaco in the purchase of Getty Oil in the 1980s,” says Lowenstein. “The article shows how certain current agreements in the news would be impacted by application of this contract rule in the U.S.”