Abstract
A globally used industry-standard contract proved to be of great use in teaching a few aspects of law and putting a few others in context. The practical exercise of analysing the provisions of an actual contract facilitated active learning. The use of contract provisions to manage risk and the use of standardised contracts to reduce legal costs and achieve efficiencies also emerged. Students learned about different aspects of law and the legislative process, as well as seeing how national legislation can come into being and how it can support, or fail to support, a particular business sector.
Highlights
There is an increased emphasis in Ireland on teaching law in a manner which explains its context to students and in a manner which involves an element of clinical legal education
Final year law students at University of xxx take “lawyering” modules where they work on projects in small groups and are guided by a member of faculty
Some of the projects are capable of being described as clinical legal education insofar as they involve live-client situations
Summary
There is an increased emphasis in Ireland on teaching law in a manner which explains its context to students and in a manner which involves an element of clinical legal education. One of the reasons I chose the ISDA Master Agreement contract as a base for the project was that the Business School in University of Limerick has a replica trading floor and faculty with expertise in derivatives and similar financial products. With wholesale financial transactions involving significant amounts, no bank wants to trade with a risk that, upon the liquidation of the counterparty bank, amounts owing may have to be paid out by the bank, while amounts owed to it might have to be proven by it as an unsecured creditor of that counterparty bank This aspect of the Master agreement was suitable for those final year students as they were studying company law provisions on insolvency, restructuring (examinership/administration) and liquidation. I wanted them to see, and review, a document widely used internationally by large companies and financial institutions
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