February 24, 2005
delaware good faith and corp morality: a reprise
Posted by David Skeel

A couple of quick notes on two earlier posts. First, on the topic of Delaware's good faith duty, Larry Ribstein posted a very interesting reply on his corporate law blog. Larry identifies two kinds of good faith duty in the law, one an interpretive rule in longterm contracts and the second a nonfiduciary duty. Delaware's emerging good faith duty looks like the latter, which again suggests that it's best treated as a separate duty rather than as part of the duty of loyalty.

Second, on corporate morality, I just read the Feb 19 issue of the Economist, which has two interesting stories focusing on a forthcoming article by Sumantra Ghosal, which blames business school degrees for the breakdown in corporate ethics. One interesting suggestion for teaching business ethics: at Tuck, they bring an ex-convict each year to talk about his misbehavior and regrets.

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