Such a definition also should reconcile any inconsistencies in products liability and sales law by equating products and U.C.C. goods. This Article recommends revisions to the recently approved definition to better restate products liability law while harmonizing it with sales law and, perhaps more importantly, provide flexibility for the continued evolution of this dynamic field of law while staying true to the policy considerations supporting strict liability. By Larry E. Ribstein Expulsion is an important way for law firms to maintain their reputations, which in turn benefits their clients. Consistent with these policy considerations, both the partnership statutes and the case law support a strong expulsion right. The statutory default rules permit expulsion without cause even without an expulsion provision in the agreement.
Courts commonly enforce express contractual provisions on expulsion with or without cause.
Finally, the policy considerations discussed in this article counsel caution in restricting expulsion under ethical rules and employment discrimination laws. In 1996, the Ninth Circuit handed down a ruling with far-reaching consequences for the investment banking community, wherein the court held that the existence of a fiduciary relationship between an investment bank and its client was an issue of fact inappropriate for summary judgment disposition. In re Daisy Systems Corp ., marked a significant departure from previous authority holding banker-client relationships to be merely contractual. In this Article, Mr. Haire examines the mischief that the Daisy ruling could make. Moreover, the court's shift of enterprise failure risks to bankers creates costs in the form of increased fees and lost opportunities to undertake risky but profitable projects that shareholders would likely contract to avoid.