Document: 518 U.S. 839116 S.Ct. 2432135 L.Ed.2d 964 UNITED STATESv.WINSTAR CORP. et al.Certiorari to the United States Court of Appeals for Federal Circuit. No. 95-865. Supreme Argued April 24, 1996 Decided July 1, Syllabus Realizing that Savings and Loan Insurance Corporation (FSLIC) lacked funds liquidate all failing thrifts during savings loan crisis 1980's, Home Bank Board encouraged healthy outside investors take over ailing in a series "supervisory mergers." As inducement, agreed permit acquiring entities designate excess purchase price fair value identifiable assets as an intangible asset referred supervisory goodwill, count such goodwill certain capital credits toward reserve requirements imposed by federal regulations. Congress's subsequent passage Financial Institutions Reform, Recovery, Enforcement Act 1989 (FIRREA) forbade from counting computing required reserves. Respondents are three created way mergers. Two them were seized liquidated regulators failure meet FIRREA's requirements, third avoided seizure through private recapitalization. Believing FSLIC had promised they could regulatory respondents each filed suit against Claims, seeking damages for, inter alia, breach contract. In granting respondent summary judgment, court held Government breached its contractual obligations, rejected Government's ``unmistakability defense''-that surrenders sovereign authority, promise refrain changes, must appear unmistakable terms contract order be enforceable, see Bowen v. Public Agencies Opposed Social Security Entrapment, 477 U. S. 41, 52-and ``sovereign act defense-that ``public general'' act, alteration not trigger liability, Horowitz States, 267 458, 461. The cases consolidated, en banc Circuit ultimately affirmed. Held: judgment is affirmed, case remanded. 64 F. 3d 1531, affirmed Justice Souter, joined Stevens, O'Connor, Breyer, concluded Parts II, III, IV, IV-C, liable Pp. 19-57; 66-72. 1 (a) There no reason question Circuit's conclusion express obligations use their When law changed, was unable perform promises became under ordinary principles. 19-30. 2 (b) unmistakability doctrine implicated here because enforcement obligation alleged would block exercise power. courts below did construe these contracts binding authority modify regulation thrifts, there has been demonstration awarding tantamount limitation. They read solely risk-shifting agreements, seek nothing more than benefit insure any losses arising future change. Applying only represent conceptual expansion beyond historical practical warrant, but compromise capacity make contracts, which "of essence sovereignty" itself, Bekins, 304 27, 51-52. 31-48. 3 (c) answer argument also meets two related ultra vires contentions: that, reserved powers doctrine, power change essential attribute sovereignty bargain away; event can conferred without delegation effect. A adjust risk legislative does strip sovereignty, surrender regulate. And serious (and acting it) guarantee changes. 49-52. 4 (d) facts this do warrant application doctrine. That balances need freedom legislate with honor asking whether properly attributable contractor. If no, defense liability depends on otherwise release 52-57. 5 (e) Even if FIRREA qualify "public general" cannot excuse here. Since object place contractor par same circumstances, S., at 461, Government, like other defending party action, show statute rendering performance impossible contrary basic assumptions parties agreed, and, ultimately, language or circumstances indicate should case. satisfied conditions. doubt some changes structure governing thrift reserves both foreseeable likely when contracted Government. addition, governmental deals allocates occurring will, definition, fail further condition successful impossibility defense, it will indeed parties' agreement meant rendered nugatory law. themselves preclude Congress changing rules stand concluding those agencies assumed change, determining consequences legal point agreements. 6 Stevens IV-A IV-B, since excused legislation substantial effect help itself out improvident exculpatory character FIRREA. purpose eliminating very accounting "gimmicks" promised, congressional debates expectation, question, have obligations. evidence intense concern issue neutralized fact formally target particular transactions broad advance general welfare. 58-65. 7 Scalia, Kennedy Thomas, contractually obligated afford favorable treatment, violated discontinued treatment defenses characterizing entailing limitation power; approach, although adopted plurality, novel fails acknowledge virtually every regarding conduct operates assumption nonperformance. Accordingly, necessary address various defenses, particularly invocation ``unmistakability'' simply embodies commonsense presumption governments ordinarily agree curtail powers. overcome establishing terms, regulate fashion, into future. remaining arguments readily rejected. ``reserved powers'' defeat claim recover where sought minimize monetary risks ``express delegation'' statutes authorizing relevant bank enter agreements issue. Finally, acts'' adds little, anything, relied upon attempted abrogate 1-6. 8 J., announced delivered opinion, JJ., joined, except IV-B. concurring opinion. opinion joined. Rehnquist, C. dissenting Ginsburg, I, IV. 9 NOTICE: This subject formal revision before publication preliminary print Reports. Readers requested notify Reporter Decisions, Washington, D.C. 20543, typographical errors, corrections may made goes press. 10 Souter Breyer join, O'Connor joins 11 enforceability between participants regulated industry, accord exchange liabilities threatened produce claims insurer. Although subsequently changed law, thereby barred specifically honoring we hold assigning therefore breach. I. 12 We said Fahey Mallonee, 332 245, 250 (1947), "[b]anking one longest most closely supervised public callings." true loan, "thrift," described "a federally-conceived assisted system provide citizens affordable housing funds." H. R. Rep. 101-54, pt. p. 292 (1989). Because today's arise National efforts last decade half preserve collapse, begin overview history regulation. A. 13 modern industry traces origins Great Depression, brought default 40 percent Nation's $20 billion home mortgages 1700 nation's approximately 12,000 institutions. House Report, 292-293. course debacle, passed stabilize industry. (Bank Board), authorized channel loans houses preventing foreclosures them. Ch. 522, 47 Stat. 725 (1932) (codified amended Section(s) 1421-1449 (1988 ed.)); 292. Next, Owners' 1933 charter associations. 64, 48 128 (1933) 1461-1468 ed.)). Housing (FSLIC), Board's responsibility deposits federally insured thrifts. 847, 1246 (1934) 1701-1750g 14 resulting regime worked reasonably well until combination high interest rates inflation late 1970's early 1980's about second Many found holding long-term, fixed-rate low; market rose, institutions raise paid depositors attract funds. See 294-295. costs short-term overtook revenues long-term mortgages, 435 failed 1981 1983. 296; General Accounting Office, Thrift Industry: Forbearance Troubled 1982-1986, (May 1987) (GAO, Institutions) (describing crisis). 15 first response rising tide failures "extensive deregulation," including rapid scope permissible investment similar thrift's ability compete financial services providers." 291; id., 295-297; Breeden, Thumbs Scale: Role Practices Played Crisis, 59 Fordham L. Rev. S71, S72-S74 (1991) permitting nonresidential real estate lending deregulating depositors).1 Along deregulation came moves weaken requirement maintain adequate cushion losses, CFR 563.13 (1981), commentator "the powerful source discipline institutions." supra, S75. result drop five four November 1980, 45 Fed. Reg. 76111, January 1982, 3543; time, developed new "regulatory principles" (RAP) many instances replaced generally accepted principles (GAAP) purposes compliance requirements.2 According Banking Committee, "[t]he gimmicks reduced standards masked worsening FSLIC, enabled weak continue operating increasingly inadequate absorb losses." 298. reductions reserves, moreover, allowed grow explosively increasing base, time let expand often riskier) fields investment. Note, Causes Debacle, S301, S311 (1991); S74-S75. 16 While tried mitigate squeeze deregulation, multitude already-failed confronted deposit insurance exhaust fund. Olympic Assn. Director, Office Supervision, 732 Supp. 1183, 1185 (DC 1990). FSLIC's total declined $6.46 1980 $4.55 1985, GAO, 12, estimated $15.8 close deemed insolvent Institutions: Solutions Industry Problem 108 (Feb. 1989) Problem). By 1988, year transaction involved case, $50 billion. 304. 1989, GAO $85 needed cover responsibilities put back road fiscal health. 43. end, now know, cost much even that. See, e.g., Horowitz, Continuing Bailout, Investor's Business Daily, Feb. 1996, A1 (reporting $140 S&L 1995). 17 chose avoid encouraging 52; White, Debacle: Policy Lessons Regulation 157 (White).3 Such transactions, far outstripped assets, intrinsically attractive institutions; nor sufficient cash promote acquisitions direct subsidies alone, contributions part transaction. M. Lowy, High Rollers: Inside Debacle 37 (Lowy). Instead, principal inducement mergers understanding Investigation Lincoln & Assn.: Hearing Before Committee Banking, Finance, Urban Affairs, 101st Cong., 1st Sess., 5, 447 (1989) (testimony Danny Wall, Supervision) (noting acquirers methods "in lieu [direct] assistance"). B. 18 Under Generally Accepted Principles business dealt "purchase method" accounting. Kay D. Searfoss, Handbook Auditing 23-21 23-40 (2d ed. method); Opinion (1970) (establishing what method applied transactions). critical aspect our permits entity acquired called "goodwill." Id., Para(s) 11, 284; 23-38.4 recognition makes sense: rational purchaser free market, after all, pay business's unless actually "going concern" up difference. Lowy 39.5 For reason, frequently used account acquisitions, Phillips, J. Butler, G. Thompson, Whitman, Basic Lawyers 121 (4th 1988), GAAP expressly contemplated least involving loans. Standards Interpretation (1976). Goodwill recognized FSLIC-sponsored merger goodwill." Recognition type insufficient difference offer "cash substitute" induce assume Former Chairman Richard Pratt testifying Congress: 19 "The . resources institutions, [but] consolidate move weaker stronger hands, everything possible transition period. indispensable tool performing task." Policies Late 1980's: Hearings 2d 101-176, 227 (1990).6 20 Supervisory reasons. First, (1981). was, course, place, institution immediately counted net worth. From perspective, however, inflated institution's allowing leverage (and, hoped, profits). White 84; cf. Rev., S75-S76 (explaining how loosening expansion). 21 complicated incentive arose decision amortize long periods, forty-year maximum permitted GAAP, 17, 29, 340 (1970). Amortization recognizes useful just so long; accordingly, "write down" reflect waning 15-36 15-37; 339-340.7 amount write down reflected income statement expense. E. Faris, Law Nutshell 12.2(q) (1984) amortization goodwill). At amortizes asset, loans, assets. worth less face value, typically issued rate acquisition. Black, Ending Our Forebearers' Forbearances: Goodwill, Stan. 102, 104-105 (1990). differential "discount," Rosenberg, Dictionary Services 233 1985), appears balance sheet "contra-asset" account, deduction loan's valuation Estes, 29 repaid magnitude discount declines redemption approaches; process, technically "accretion discount," gains. 9; 39-40. 22 advantage accretion mirror image goodwill. typical primary mortgage earned low longer exceeded depositors. disparity derived equal outstanding 104-105. regulators, accrete average life (approximately seven years), 105, while Given substantially overall values, accrual gain resulted paper profit initial years following ibid.; 39-40.8 schedules thus seem profitable were. 23 Some included yet "capital credit." contributed contribution permanent credit capital. require subtract generated merger, effectively double tangible asset. Transohio 967 598, 604 (CADC 1992). Capital leveraging 24 describe detail below, accorded arrangements extent constituted departure prior norms clear, wanted treatment. demonstrably suffering distress, regulations explicitly state 563.13(a)(3) (1981) (permitting "items listed definition worth"); 561.13 (defining "net worth" sum accounts ., retained earnings, stock, mutual certificates nonwithdrawable institution").9 Indeed, rationale recognizing stands head merger: ordinarily, valuable worth; here, shortfall. 104 ("GAAP's assumes buyers overpay S&L"). reasoning circumvented whole protect later recognized, "[g]oodwill cash. It concept, shadowy liquidates thrift, good. valueless. means, quite simply, taxpayer picks tab shortfall." 135 Cong. Rec. 11795 (Rep. Barnard); 84 (acknowledging "involved creation protection FSLIC"). To foresight appreciate this, then, obvious accept criteria, clearly prudent get matter. 25 advantageous amounted clear-cut departures hence, subjects worthy banking 1983, (the font GAAP) promulgated Statement 72, acquisition association. SFAS 72 provided "[i]f, exceeds institution, unidentifiable shall amortized expense period interest-bearing income." Standards, Original Pronouncements (July 1973-June 1989), 725. words, eliminated periods profits inconsistent GAAP. double-counting requiring assistance authorities deducted determined. 9.10 relying credits, continued availability RAP transactions. 26 results forbearance policy, mixed, 4, relatively clear mid-1980's unsuccessful resolving Bank, 2d, 602 (concluding measures "actually aggravat[ed] decline"). result, enacted (FIRREA), Pub. 101-73, 103 183, objects collapse attacking root causes crisis, restoring confidence. 27 enormous (1) abolishing transferring functions agencies; (2) creating fund Deposit (FDIC); (3) replacing Supervision (OTS), Treasury Department office associations; (4) Resolution Trust (RTC) dispose closed note 1437, 1441a, 1821. More importantly present OTS "prescribe uniformly applicable associations" strict statutory requirements. 1464(t)(1)(A).11 particular, "maintain core association's assets," 1464(t)(2)(A), defined "core capital" exclude "unidentifiable 1464(t)(9)(A), reform "transition rule" "qualifying goodwill" requirement, allowance phased 1995. 1464(t)(3)(A). tougher "[t]o considerable extent, size utilization capitalization thrifts." 310. 28 impact swift severe. promptly implementing along bulletin noting "eliminates [capital accounting] forbearances" previously granted Adequacy: Guidance Status Forbearances Instruments Fund, Bulletin 38-2, Jan. 9, 1990. accordingly directed "[a]ll associations presently forbearances eliminate comply minimum standards." Ibid. Despite statute's limited exception intended moderate transitional pains, fell making regulators. 107 ("FIRREA's mandates caused 500 S&Ls report requirements"). tightened Glendale FSB, Winstar Corporation, Statesman Group, Inc. 1981, 1984, respectively. After FIRREA, rules, managed massive constitutional theories. respondents' motions partial finding Corp. Cl. Ct. 112 (1990) (Winstar I) (finding implied-in-fact requesting briefing issues); 541 (1992) II) entering liability); Holding 904 (granting Glendale). holding, Claims central asserted Government: exercising unmistakably contract, Ct., 116; 544-549; Statesman, 919-920, 550-553; 915-916. consolidated certified decisions interlocutory appeal. 30 divided panel reversed, allocate manner, 994 797, 811-813 (1993). full court, vacated rehear banc. rebriefing reargument, reversed Claims' rulings liability. 1531 (CA 1995) (en banc). respondents, satisfaction 1540, 1542-1543. argument, agreeing money damages. 1545-1548. majority "single[d] special treatment" "public" "general act" within meaning acts 1548-1551. Judge Nies dissented, essentially repeating her majority, 1551-1552, Lourie dissented ground 1552-1553. certiorari, 516 ___ (1996), affirm. II. 31 took consider govern decide assert breach: canon construction 52 (1986); rule agent's delegated Telephone Telegraph Co. City Los Angeles, 211 265 (1908); government not, event, powers, Stone Mississippi, 101 814 (1880); finally, principle give rise 460 (1925). 32 anterior dealing briefed argued Court, strictly us. Yee Escondido, 503 519, 535 "we questions presented petition certiorari"); Sup. Rule 14.1(a). review grant de novo, Eastman Kodak Image Technical Services, Inc., 504 451, 465, n. (1992), better position evaluate documentary records resolution issues raised consideration nature underlying 33 plaintiff negotiated include credits) extended time." 3d, 1545. fundamentally similar, documents vary somewhat 1. 34 September approached First Association Broward County, then exceeding $734 million. Glendale's accountants $1.8 Broward, $1 recouped sale Broward's Glendale, hand, capitalized, $277 million.12 negotiations submitted proposal Board, approve associations, 1467a(e)(1)(A) (B); 1817(j)(1); record transaction, years. ratified "Supervisory Action Agreement" (SAA), 19, 1981. 35 SAA contain integration clause: 36 "This Agreement constitutes entire thereto supersedes understandings connection herewith, excepting Merger resolutions letters contemporaneously herewith." App. 598-599. incorporated 81-710, SAA. additional documents: letter furnished independent accountant identifying supporting recorded books, periods; stipulation determined accordance [Bank Board] Memorandum R 31b." 607. 31b, recognize amortization. 571-574. 38 seriously contest understood treated satisfying requirements; insists, statements then-current policy rather undertakings. Neither record, interpretation implausible. clause (SAA) respects analogous provisions provides "all contemporaneously" 598-599; characterizes background "agreements understandings" parties. 39 leaves ambiguity, construed realities favored reading commitments, mere Restatement (Second) Contracts 202(1) ("Words interpreted light ascertainable given great weight"), disagree. noted, "[i]t disputed available meeting merged noncompliance penalties moment creation." 1542. $460 million, right imagine potential might wiped irrational stake existence continuation current policies embody sort commitment. dollar amounts regulators' proven propensity Brief ("[I]n frequency past unreasonable expect rely remain unchanged"); infra, 68-69. settle agreement. Binghamton Bridge, Wall. 51, 78 (1866) (refusing "madness" it).13 Appeals's purposes." 1540. 2. solicited bids Windom Association, Minnesota-based danger failing. liquidating $12 group formed plan FSLIC; $2.8 million $5.6 41 Assistance incorporated, Glendale's, approving date 112. "[f]or reporting [Winstar] exceed straight-line method." 123. Moreover, contained "Accounting Principles" section provisions: 42 "Except provided, computations governed going basis conflict Agreement, [FSLIC], action concurrently regulations, govern. section, Effective Date clarified, inter-preted, ("FASB"), respectively, successor organization either." 108-109. 43 emphasizes sentence clause, "subsequently clarified oramended," barring inference Its ignores preceding providing actions prevail tilts favor interpreting lock 44 soundness "documentation establishes proceed approved recording years." 1544. powerfully support conclusion: negative $6.7 inception, calculations. "it intention bound merger." 3. another nonthrift entity, 1987 subsidiary Federated Florida thrift. responded acquire shaky Iowa. complex thrifts; accounting, $21 accompanied $60 (unlike plans) $26 Statesman's 46 "accounting identical Winstar's, 402-403, specific provision credit: "For reports [made FSLIC] credited [Statesman's] constitute (as Regulations)." 362a. Winstar, incorporating contemporaneous Board. 407-408. acknowledged years, 458-459, Letter likewise Agreement. 476. executed separate Regulatory Maintenance stating "[i]n [t]herein," 418, "at level 563.13(b) Regulations ." determination Required discussed herein." 418-419. Absent forbearances, remained almost $9 despite infusions 49 reasons set above respect straight line 1543. portion contains commitment calculation asserts reference indicates But, Winstar's us overlook incorporation agreement.14 cites "comply material statutes, orders of, restrictions agency [the States]," 407, observe once promulgated. hardly oblige obey asserting 50 important Nothing documentation purported bar Rather, well: reflected" 1541-1542. always something promisor's absolute control, is, promisee loss condition's nonoccurrence.15 Holmes's example famous:"[i]n rain to-morrow, immediate promisor he takes limits, himself promisee." Holmes, Common (1881), Collected Works Holmes 268 (S. Novick 1995).16 especially appropriate world industries, prevent bargained-for lurking shadows. drafters attested explained "[w]ith trend greater aware risks, undertake duty discharged supervening 264, Comment a. "Such agreement," according Restatement, "is usually prevented render violation law." Ibid.17 51 instance, therefore, when, pursuant 1464(t), calculating exacerbated noncompliance. evaluating have, followed applying apply error variety reasons, consider, reject, sections ahead. III. 53 argues reversal, first, "contracts limit government's exercises strongly disfavored; rarely, expressed terms." 16. Hence, says, waive enact using 54 mistakes bind ossify conformity contracts; injunction exemption terms. performing, injury. constrained occasioned Congress. no. 55 invoked stated Entrapment: "`[S]overeign governs sovereign's jurisdiction, intact surrendered terms.'" (quoting Merrion Jicarilla Apache Tribe, 455 130, 148 (1982)). marks intersection fundamental concepts, traceable theory parliamentary familiar Blackstone, limited, Americans experience colonial charters, Wood, Creation American Republic 1776-1787, pp. 268-271 (1969). 56 his Commentaries, Blackstone centuries-old concept legislature successors: 57 "Acts parliament derogatory parliaments not. legislature, being truth power, equal, authority: acknowledges superior earth, been, it's [sic] ordinances parliament." W. Commentaries Laws England 90 (1765).18 58 England, Parliament historically supreme sense "higher law" mechanisms placing legally enforceable limits instances; bodies, contrast, overriding dictates Constitution authorizes. Eule, Temporal Limits Legislative Mandate: Entrenchment Retroactivity, Am. Bar Found. Research 379, 392-393 (observing English precluding successors America). repealed, disregarded it," legislature," Manigault Springs, 199 473, 487 (1905),19 side Atlantic lived tension constitutionally effective successors, authorize executive development latter, litigation began Constitution. Thus Chief Marshall's exposition Fletcher Peck, Cranch 87 (1810), Contract Clause, Const., Art. 10, cl. State Georgia's effort rescind land grants legislature. Marshall "that competent repeal former pass; abridge succeeding legislature." 135. correctness principle, legislation," said, "can never controverted." went "if done undo it. recalled power." Marshall, distinct intrusion vested rights Georgia legislature's gone power," Constitution's laws impairing contracts. 135-136. 60 impetus Clause legislatures soon apparent become threat governments. Later willing restraints limitations One known "reserved powers" substantive away. West River Bridge Dix, How. 507 (1848) (holding State's eminent domain power).20 other, surfaced earlier Providence Billings, Pet. 514 (1830), Charles Warren 420 (1837), disfavoring implied construed," Delaware Railroad Tax, 206, 225 (1874), insisted "[n]othing taken inference," ibid., "neither taxation, surrendered, too plain mistaken." Jefferson Branch Skelly, Black 436, 446 (1862). 61 posture important. each, local concession (such tax monopoly), abrogated suing invalidate abrogating Clause. served dual limiting incursions avoiding difficult Cf. Edward DeBartolo Gulf Coast Building Constr. Trades Council, 485 568, 575 (1988) ("[W]here acceptable problems, problems plainly intent Congress"); Ashwander TVA, 297 288, 348 (1936) (Brandeis, concurring) (same). 62 function avoidance marked sovereigns, States. (deriving St. Louis Railways Co., 210 266 (1908), government).21 Pension Benefit Guaranty Gray 467 717, 732, (1984), Congresses rights, see, Perry states, 294 330 (1935); Lynch 571 (1934). capacity, sure, remains obscure. Compare, N.Y. New Jersey, 431 (1977) (heightened scrutiny own obligations), Corp., 733 (contrasting exacting due process economic affecting contracts). But want doctrinal thicket, several prerogatives Indian tribes. 63 tribal 130 (1982), oil gas leases tribe, royalties tribe's prerogative proceeds lessees' drilling activities. 148. lease taxing waiver "inferred silence," "unless admit reasonable interpretation." (internal quotation citation omitted). (1986), Amendments 97 71, 418(g) (1982 ed., II), unenforceable Secretary Health Human employees scheme withdraw coverage later. 1983 withdrawal, California plaintiffs enjoin them, obtain compensation withdrawal (a remedy District injunction, mandate return contributions, 51). able resolve state-federal legislation, alternative rested absent "unmistakable" contrary, "contractual arrangements, party, `remain legislation' sovereign." Merrion, 147). "to find `sovereign forever waives in' contract," Bowen, 148), instead waiver, reservation. 65 Most recently, Cherokee Nation Oklahoma, 480 700 (1987), refused infer silence. There, tribe property river bed treaty sued damage interests navigational improvements Arkansas river. presupposed, presuppose, conveyed easement control navigation; conveyance, improvements. 704. found, conveying easement, 706, saw sovereignty. This, "`surrendered [only] terms,'" 707 52), waived all. 66 announce Bridge; collective unstated term exempting contracting (including Congress), ambiguous conveyance extending 19th-century applies either power22 (e.g., navigation), equivalent social security obligations). turns 67 criterion looks contract's enforcement, dispositive inapplicable request damages, performance. still turned harm navigation away Government.23 So, too, Bowen: sole relief dollars cents, award statute. 68 differ different kinds enforcing end wide spectrum rebate exemption. Granting rebate, enjoining satisfied.24 say, buy food army; implies why contend humdrum supply Between extremes lies (or not) peculiar So component enforced allocation raises guard against, 69 implicate consequence good rejecting claims. mistaken, complementary 70 considered reached us, purport enacting measures, ask silence violate holdings Nation. Reichelderfer Quinn, 287 315 (1932), possibly selves) policy. 71 Nor manner 51. Once jurisdiction conceded, supposes Amino Bros. 178 515, 525, 372 485, 491 ("The so, increased act"), cert. denied, 389 846 (1967).25 deficiency exclusion calculations, FIRREA; operation) statute, fund, served. deprive entitled receive would), payments all.26 recognize, directly impede indirectly deter raising costs. costs, willingness bear "guarantee [acquiring thrifts] loss" occur merger. 1729(f)(2) ed.) (repealed 1989). Just "`bar[s] forcing people alone burdens which, fairness justice, borne whole,'" Dolan Tigard, 512 ___, (slip op., 9) Armstrong 364 40, (1960)), reject suggestion shift onto partners who adversely affected 73 odds long-run reliable partner myriad workaday agencies. Consider procurement scale-backs welfare activity; substitute service-providers official philosophy privatization; property, surplus otherwise. reliance mechanisms,27 contractors denied satisfy doctrine? obviously neither standard operations conceivably justify Injecting opportunity common would, untoward compromising itself. 51-52 (1938).28 standpoint, inroad expanding opportunities abrogation, undermining credibility bargaining table engagements. Brandeis "[p]unctilious fulfillment maintenance debtors." 580.29 74 dissent's "Congress obligating breaching damages." Post, (citing Lynch, 580). Yet grounds suggests distinguishing embodied Putting aside distinction difference, dissent seemingly deny view vast abrogation based acts. argue specify "reading contract." 7. That, law; contract.30 suspect surprised breach, "implied unavailable Tucker Act, post, 7-8. 75 confined "regulatory" nature. analytical difficulties; regulating insuring. understandably advocate distinction, reliable, straightforward whenever matter regulation, time.31 demonstrate wish goals unwilling adopt converting arena litigation. 76 think wrong concludes breach" "[i]f unequivocally." 6. remarkable possibility contracts: indemnify correctly 1548. "second promise" undertook perform. foreclose assertion common-law impossibility, 49-52, 52-72, breach.32 77 contentions score vires: future, positions rests litigating 34. holds "an sovereignty," Trust, 23, classic (1880). corporation bargained received lotteries, outlawed immunized operation police State." 817.33 says logic equally government." 38. beside point, 41-43. contention barter elements sovereignty.34 79 answers demand fetter true, 273, surrender, government, though well-defined grave it, scrutinized." extinguishing pro tanto undoubted government," "both contract's] appear, doubts resolved continuance regulate.35 80 conversely, ample do, impossible. organic arm 1725(c) empowered contracts,"36 1729(f)(2), 1978, context mergers: 81 "Whenever or, default, may, facilitate consolidation merging consolidating assuming purchasing default." (1976 V) 82 suppose breadth extend modified 1987: 83 "No affect [FSLIC] utilize subordinated debt requirements." 1730h(d) 100-19, (1987) ("It expected retain determine components FSLIC-insured institutions"); NLRB Bell Aerospace 416 267, 275 (1974) ("[S]ubsequent declaring significant weight"). 85 final "`[w]hatever executive, general, specially alter, modify, obstruct enters persons.'" 461 Jones 383, 384 (1865)). act," respondents. 86 prevail, suffice allocating highly silk Ordnance Department. ship shipment Shipment delayed Administration placed embargo shipments freight, fallen, deal unprofitable. delay, obstruction broadly urges, key proper explaining enjoyed contractor: 88 "`The characters possesses fused; other. Whatever persons. contractors; defendant court. Though performed work injury contractors, having defendants.'" 384). 89 anticipated Court's emphasis distinguishable capacities treat government-as-contractor party. Deming 190 (1865), supplier army rations whose Legal Tender Act. thought "grave error" enactments evasions plaintiff's] 191. responsible lawgiver," said. "In courts." Similarly, supra surveyors employed Commissioner hindered States's troops country. contractor," concluded, "cannot 385. [under cases] [of action] welfare." 45. legislator "fused" (within Horowitz) regulatoryand accomplish reading, proof treating acted applicable. open objection. 91 matter, already workable drawn "nonregulatory" capacities. insurer impose protected insurer, entered convert entrepreneurs. respect, analogy reinsurance.37 On fact, broader interest. inescapable fused consideration, fusion leave "regulation" defining doctrine.38 92 An objection merely passing statute," flaunt "[w]hen relations, duties therein individuals." 579.39 Careful attention shows serve undermine example, shipper, Horowitz's traditionally barrier arises discharge, 261; Farnsworth, Farnsworth 9.6, 551 (1990); Grace Rubber Workers, 757, 767-768, (1983), discharge. law.40 answered 93 situations self-interest cognizable tainted self-relief. necessarily purpose, speak "self-interest," mean identify seeks legitimate (The "forc[e] whole"). legitimately conclude interest, commitments comparable willy-nilly be, circumstance together, defense.41 94 reflects traditional "rule generality tend misuse burden few unjustifiably.42 Hurtado California, 110 516, 535-536 (1884) ("Law person `[t]he .' `that citizen life, liberty, immunities society'") (citation omitted).43 action's incidental accomplishment objective. O'Neill 231 823, 926 (1982) actions, legal, occasionally incidentally impair contracts").44 self-interest, becomes ought improvidence, falls unavailable. Sun Oil 215 716, 768, 572 786, 817 (1978) (rejecting Interior's "`directed principally primarily plaintiffs' right'").45 95 roles fused, Deming's pronouncement lawgiver." Cl., 191). presupposes non-general way. twice refers "general" quality enactment issue, 191, notes bears contract] citizens, affects way." extreme, disqualify general"; releasing transport Mr. shipment. strikes middle extremes.46 96 told insulated these, certain. enough focal debate.47 Opponents complained form, [FIRREA] written game." H2783 (June 15, (Statement Ackerman). Several congressmen observed "[s]imply put, [Congress] reneged concerning 498 (additional views Reps. Annunzio, Kanjorski, Flake).48 focus evident among proponents legislation; Representative Rostenkowski, disastrous owners stone." Rec., H2717 1989).49 ones suffices effect, absence factual so.50 emphasized Legislation way, identified measure's nonetheless partners. insist, does, irrelevant "advance can.51 enquiry evolution relieved precludes defense.52 98 general," relieves blanket discharge acts, follow available, imposes puts 99 "[w]here, made, party's per-formance impracticable fault occurrence nonoccurrence discharged, contrary." 261. 100 543-544 (listing defense). Thus, say conditions amendment 549-550. premise contemplation substance contract; Traynor risk] gives assumed." Lloyd Murphy, Cal. 48, 54, 153 P.2d 47, (1944).53 compelling, where, fortiori, change). industries live Medes Persians, stasis. reach reforms parties, agrees. brief unchanged." 26; 3, changes).54 "have numerous years," "changed times 1982 alone." 801.55 fluctuations, single modification could, did, absurd made. Moncrief Williston Basin Interstate Pipeline 880 1495, 1508 (DWyo. 1995); Vollmar CSX Transportation, 705 1154, 1176 (EDVa. aff'd, 898 413 (CA4 102 261 (no "language circumstances" discharge).56 (like FSLIC) uncommon control,57 agent "[government] routinely shifting events triggered contemplate inclement weather force majeure." Hughes Communications Galaxy, 998 953, 958-959 1993).58 conclusions forecloses resolutions, Letters, setting forth instance 21-23. lengths procuring drafting clauses incorporate laid election, unconvincing. ibid. indeed, madness engaged jeopardy signed. affirm ruling measure remand proceedings consistent 105 ordered. 106 concurring. I join plurality because, my view, basically call "unmistakability doctrine." cases, states "sovereign unexercised, enduring presence (emphasis added). 109 Okla., 700, 706-707 (1987); 52-53 (1986). believe normally shields prevents carrying bargain. language, perhaps appears, displace unusual one. Primarily shield Both precedent Imagine, Defense garden sell commodity oil, critically important, pending environmental shipment, occurs seller incur time. 111 intent, revealed circumstance. ("All parties"); (1979) showed performance-defeating [i.e., regulation] non-occurrence contrary.") "rights duties" "are 571, 579 (1934); 330, 352 (1935) (same); Sinking Fund Cases, 719 (1879) individuals. repudiate repudiation, reproach implies, repudiator municipality citizen"); Klein, 128, 144 (1872) Gibbons, 200, 203-204 (1883) (where "susceptible meanings," "sufficiently plain" attending transaction"); also, Russell Sebastian, 195, 205 (1914) (public "fair reasonable" "satisfactorily appears" convey). 113 indicated resembling compensate holders "war insurance" post-contract legislation. "gold clause" Perry, bond's gold. suggest promise, discernible interpretation, 114 approach unsurprising, ensures goods otherwise, rightly, contracting. Detroit Citizens' Street 184 368, (1902) "hardly credible" city's fare railroad company, "amounted "subject time" pleasure); Murray Charleston, 432, 445 (1878) "should regarded assurance [a withhold payment] exercised. pay, absurdity"); Jersey Yard, 104, 116-117 (1877) simple leading intent-say, intend harmless apply, disregard, 115 Congress' permit, awards "any founded 1491(a)(1). complaints adjudicate lower courts, (Winstar), 137 (Statesman), 546 (Glendale); explains, ante, 18, proved purposes, contexts defines term. "express", 1491(a)(1) fact" "founded minds, inferred, showing, surrounding tacit understanding." Baltimore Ohio 592, 597 (1923); Hercules, (1996) 6-7). These interpretations, lend 116 are, containing "unmistakability" suggests, "clear-statement" rule, Petitioner determinative outcome cases. older derived), claimed area mentioned 148, Tribe extract lands. implicit severance gas. pointed taxes, "silence." "unmistakability," did) "contracts" Yet, asks 117 cited Blaisdell, 290 398 (1934), turn carry illustrate above: state-granted charter, franchise agreement, tax, 514, 560, 561 (1830) (promise "ought presumed" "deliberate abandon" "does appear"); Louis, 274 (right "still exists expressed, sums exactions"). gave Jefferson, 450; Piqua Knoop, 369, 378 (1854) 115-117 118 706-707, title riverbed, pre-existing navigate unlikely silent [Government's] navigational" "dominant riverbed ownership resolved." 706. 119 concerned Congress, flexibility program, "withdrawal" flexibility. "alter, amend, repeal" provisions. 55. surprising contrary. 120 legislate, Nation), kind one-namely, obliges make. (lower "effectively forbid[s] amend Act"); Nation, "gained [government's navigational] servitude interests"). disable inferring, principles, narrow cases-say, abrogate, restrict severely compensation, drill riverbed.) attempts arguing "substantial damages" "unquestionably carries deterred," infringement promise. 21. logical stopping point. ("Any relinquishment spending spent repay debts purposes. Notwithstanding effects, regularly contracts"). principled hypothetical oil) above, draw line-i.e., stringent interpretation-based stake, (in terms) degree deterred, seems unsatisfactory. acknowledges, 34, debts, `property' lender, save money." 350-351, 576-577). 122 sum, factors, means underscored convince most, grown unique features believed caution implying establish controls 123 warranting unlikely, abstract, effects legislation) high-risk, practices plurality's careful examination reveals, exactly did. kind. banks explicit And, 124 whom Thomas judgment. 125 broken discontinuation 1464(t). My plurality's, separately briefly vote. 126 dispenses "sovereign" "risk-shifting agreements" "promises [respondents] change." Ante, 41. understood, purport, constrain Government-with peculiarly inapplicable. difficulties, opposed validity merits) depend questionable whether, normal characterization engages really valid. Virtually operates, conduct, nonperformance: keep prediction you it,-and else." Path (1897), 391, 394 Horwitz-Matthews, Chicago, 1248, 1250-1251 (CA7 1996). 127 unquestionably government-enactment implementation capital-that Those premised undertaken recently countered assertion, expressed. precisely situation-where benefits government. 135-136, 145-148 (1982). Like Justice, 1-8, unlike him little dictated interpretation. presumed implied-in-fact) intent. Generally, actions. estimation intend. x your doing y, impliedly anything me x, y-so performances part, am obligation. presume sort. (unless opposite appears) none multifarious needful good, reversal presumption. Governments common-sense understanding. 129 Here, reverse-presumption Their quid quo, regulation; viewed sine qua non assent illusory. correct. If, believes, committed [certain] action," 13, fashion choose fashion"-which absolutely description illusory Lord, 1:2, (unsurprisingly) demands go short term, consideration." 13. enough, "short term" grabs: undertaking specified all-not peppercorn's 131 role agencies, saying trial ones. looking promises, future; findings, conclude, unmistakable. hard demanded-other than, perhaps, requires. points out, "`turn square corners,'" 14-15 Rock Island, 254 141, 143 (1920)), twice. 132 think, "express delegation" defenses-which thinks 49-51-have notion proposition stay requests suggested contemplates, nullification paramount designed commercial "police power" "paramount to. whatever mind identifies conferring 133 escape appeal so-called acts" articulated apparently 3-page decided 1925 since, reference, Nortz 317, 327 (1935). [a] be-i.e., committing against) laws. correct century barely mention Horowitz. issue-and declared impermissible repudiation. 578-580; 350-354. 134 foregoing concur Ginsburg dissenting. 136 works sweeping areas drastically reduces shrouding residue clouds uncertainty, application. respectfully dissent. "special provides, essence, "canon 19. Exercises 138 recent (1987). quoted 139 turn, (1908). city street railway companies occupancy streets, annual license fee $25 car used. 272. ordinance amending imposing number passengers riding car, challenged resides 280. 140 Tribe. natural reservation usual bonus, royalties, rents contracting, production. explains "[w]ithout regard [-be Federal, State, Indian-] 141 addressed bring System, terminate participation notice. imposition existed formed-much repeated reminded 142 treaty, riverbed. hence destroyed riverbed's mineral taking Fifth Amendment compensation. ruled servitude, quoting "[s]uch implied, `"surrendered terms."'" 707. stood well-understood above-a Today, drawing seen caselaw. tells injunctive (which law), of" 40. authority. apply. remarkable, context, 68. problem formulation How know [an] exemption," assess damages? "there tantamount" 41; either. "amount to" theory, claim. 145 solve exemption, left wholly unsatisfactory distinction. Few, any, unmistakability-doctrine equivalent, claiming risk, generous. 146 newly minted untenable, Bowen. servitude. 701. Tribe's arguments, upheld Appeals, diminution property. 147 Likewise, revocation employees' Program. reviewed commented, reported, "`only reimbursement currently participation.'" Entrapment Heckler, 613 558, (ED 1985)). "measure contradictory refrained unconstitutional. hinted doctrines "amount[ed] injunction. city, fits neatly scaled-down version sophisticated lawyers implicitly presumably with, successfully enjoined tax. Alice Wonderland fallacious 149 justifies existing case-unlike Nation-"do measures." construction, determine: Did party? unequivocally, arise. 150 advances established 580 209. Equally established, shed 565 (1830). survived beginning bidders, aware, curtailment today. 151 difficulty best shown analysis industry." 28. agrees Circuit, "`[t]he reflected' parties." Ibid.59 finding, nonoccurrence." Then, footnote, concedes interpretive clearer language." 28, 15. 152 "serious contest" positions, surely doctrine-a construction-has play contest. unstated, actionable is. Hercules (1996). rate, comes play, recovered akin "equivalent tosses winds idea construction; come appellate remanded computation 154 search unifying theme 87, 1810, day interesting intellectual exercise, fruit inedible. 155 major shell. 458 (1925), quoting: "`[i]t sovereign.'" 461). reads point" contractor." 51; (Horowitz party"). relies, confine rule. quotations show, sovereign. 190, 191 (1865) lawgiver"). minimizing lawgiver contractor, casually, improperly, reworked 156 cuts depending motive test differentiate self-interest" "statutes self-relief." 58. elevated higher jurisprudential philosophical enunciated (1884), "[l]aw but. .`the society.'" Surely bold, brash, innovation heretofore mundane seasoned Due Process Fourteenth criminal proceeding initiated indictment grand jury. tell lofty inform "free self-interest," "tainted by" objective "self-relief," word, bill tightens closes loopholes "government self-relief," coffers. Be ever laws, defend IRS 158 "self-relief" expect, benefited financially obtain" capital-infusion 61. Rather self-relief attention" Congressmen "[gave] passage" 159 judging comments individual legislators sky judicial inquiries "tainted" "self-relief." unsettling insert fusing contractor-exactly warned doing-the deciding questions. interested saving money, preserving invested thrifts? preferable, importing natural-law probing legislators' payment enactment-whether Acts Deming, freight Horowitz-cannot 160 Judged standards, enactment. reform, recapitalize, system, enhance 183. "FIRREA [FDIC]; ; assets." occupies pages Statutes Large, titles numbered sections. Among Insofar comprehensive association regulated; association, enactment, 1464(t)(1)(A), (2), (3), (9). provisions, national banks. 1464(t)(1)(C). dispute mammoth "acted public." 65. 161 Scalia finds He performing," appears." continues th[e] rebutted here; he, frustrate "promis[e] fashion," consideration. 3-4. 162 "unmistakable plus "promise[d] y," "impliedly promise[d] [would] Government] parties'] Government's] [its] obligation." seemed acknowledge. 163 His quo action. 4. determine. unhealthy thrift" stave off foreclosure. 27. 164 findings relies promised. Therefore, Scalia's premises, mistaken 165 concurrence follows route plurality. omits step liable. [respondent] changed. exist himself. "plurality's reveals" "inten[d] legislation)." 9. 166 commenting implausible unlikely" "far parties] intend[ed] law," 167 desired can, status ago speaking (1920), "Men corners Government." Crop Ins. Merrill, 380, 385 (1947). wisdom arises, ancient privileges sovereign, necessity protecting fisc-and taxpayers foot bills-from improvidence countless officials V. 168 moment's reflection entirely faithfully applied, rare debatable presented. met tests, reverse outright reconsideration tests easing initiatives level, Florida, Texas. substantial, federally-insured chartered 297. "Regulatory defer yields; certificates, capital; letting qualifying members worth, contra-asset accounts, unearned discounts, deferred fees credits; inclusion debentures appraised equity worth." "[b]y S&L's billion," industry's position, overstated billion." lists prospective acquirers, presentations, seminars, insolvents"); Grant, FSLIC: Protection Professionalism, Journal 9-10 1981) pros cons default-prevention techniques perspective). Over 300 occurred 1986, liquidations. disagreement saved pursuing Franklin al. Amicus Curiae 7, Remarks Brent Beasley, Director League Management Conference (Sept. 1982) FSLIC-assisted "`[h]istorically 70% [the] liquidation'"), ("FSLIC's analyses understat[e] government"). 26, 339 (providing "[i]ntangible company cost," "measured enterprise assigned assumed"). Newark Morning Ledger 546, 556 (1993) "goodwill" imponderable qualities customers business"). Story "good-will" elaborately benefit, establishment, capital, funds, therein, patronage encouragement, receives constant habitual customers, celebrity, reputation skill affluence, punctuality, accidental necessities, partialities, prejudices." Story, Partnership 99, (1841). H2703 (daily June 16, (statement Hyde) merge sick ones"); Deposition Thurman Connell, Atlanta Charter Joint Appendix Nos. 91-2647, 91-2708 (CA4), 224 (recognizing "`a thrifts'] agreements,'" "`looked [supervisory goodwill] engine go. wouldn't train pulling station, speak'"). "amortization" depreciation (Souter, dissenting); Gregorcich, Intangibles: Reassessment Tax Treatment Purchased Lawyer 251, 253 (1975). amortization) 565, 13; 573 dissenting), disagreed accurately estimate Internal Revenue Service 566-567; 576-577 dissenting). opinions, agency, transitory Commission Institution Recovery Enforcement, Origins Blueprint Report President 38-39 1993) advantages thrift). downside faster schedule, exhausted fully amortized. drag earnings medium 40-41; managers gain, 40-41, others inevitable 105. 1984 respects, introduced ambiguity (1988). Section superseded promulgation uncertain observer, "when profession 1970s, didn't anticipate situation unclear 1982," aired. 18863 (Sen. Riegle) (emphasizing "heart" reform); 18860 Chafee) "strongest requirement" backbone legislation"); 18853 Dole) "[t]ough [as] bill"). premerger 5.45 comfortably capital/asset ratio, 563.13(a)(2) Appleby Delaney, 271 403, (1926) grantees $12,000 completely nullify chief transaction"). alterable 408. 112, 600. language. Ryan, 928 994, 999-1000 (CA11 1991) (finding, complexity postbreach done, remedies task nearly supported evidence. Day 245 159, (1917) (Holmes, J.) ("One comes, undertaking"). 957-959 (interpreting space shuttle launches launch priority scheduling revised policy"); Hills Materials Rice, 982 516-517 1992) safety extant signed incurred Government); Jaeger, 1934, 19-21 (3d 1978) ("Although warranty warranted, exist. spite occasional void [T]here forbidding performance, non-performance" (footnotes omitted)); 5A Corbin, Corbin 1170, (1964) renders illegal, "damages remedy, reasons," required). Hart, Concept (1961) "sovereign, free, continuing body, ab extra, legislation"). 315, 318 ("[T]he years"); Amending Constitution: Congressman, Yale 189, (1972) (characterizing "most principl[e]" "so rarely stated"). (1880) (State power); Butchers' Union Slaughter-House Livestock Landing Crescent Slaughterhouse 746 Griffith, Local Contracts: Escaping Governmental/Proprietary Maze, Iowa 277, 290-299 (recounting doctrine). discuss 49-50. stretching (1837). Day's heavily Orleans Lake Orleans, 192 (1892), Vicksburg P. Dennis, 665 (1886), Memphis Gas Light Taxing Dist. Shelby Cty., (1883), 369 (1854). relied, directly. 435; Agreements: Invalid Surrender Sovereignty, Colum. 426, 453 (linking Bridge/Providence cases). "Sovereign class one, No 52-61. servitude; applies, obviates Kansas 799, 808 (1950) ("When navigation, anyone"); Scranton Wheeler, 179 (1900) ("Whatever riparian owner submerged lands front upland bordering navigable water, complete fast water. qualified subordinate waters flowing demanded condemnation"). altogether, fours suggesting question-begging demanding clarity. discovered start rebate. 958 contingencies allocated contract"); Sunswick 772, 798, 775 221, 228 ("We behalf nonactionable Bostwick 53, [(1877)], capacity"), 334 827 (1948); 424 "compensating repudiations engender affords respond constituents' needs, impaired"); Procedural Approach 918, 928-929 ("A retroactively victims impairments remedy"). underscores likelihood examples, exempted payments, suggest, 5-6, altered pleading differently. Posner Rosenfield, Impossibility Related Doctrines Law: Economic Analysis, Leg. Stud. 83, 88-89 reduce negotiation supplying probably them"). confer concomitant ."); 353 competence attaching sovereignty"); 145-146 body's sovereignty). Logue, Transitions, Opportunistic Benefits Precommitment, Mich. 1129, 1146 ("If break premiums disenchantment generally"). 346, cmt. ("Every injured rules"); 12.8, 185 form damages"). all-devouring articulating limit, reminding L.R. (1920) J.)). morals government.'" Heckler Community Crawford Regis Paper 368 208, 229 (Black, 387-388 (1947) (Jackson, dissenting) corners. one-way street"). offers unmistakability, 1-5, range create dealings, (1935), should, prove latter exclusive 2, non-trivial 357-359, originated. Carter Greenhow, 322 (1885) (stating secured" determination, nullity attempt obligation"); Zigler, Takings Clause: Modifications Contracts, 1447, 1462 (suggesting "analysis adhere original Fried, Promise 117-118 (arguing "Holmes's celebrated dictum far, simple"). relationship sees doctrines, 6, separately, favors Line Goldsboro, 232 548, 558 secure health, safety, order, comfort, community abdicated away, inalienable grant"); (State's relinquish power). indemnity rejects. precedents. 814, State"); Veix Sixth Ward Newark, 310 32, (1940) Speidel, Implied Duties Cooperation Sovereign Geo. 542 (1963) ("[W]hile officers Agency X justifiable capacity'" omitted)). Nash Cibinic, Procurement 1977) programs prohibitions limitations"). choosing insurance, Guide System (5th 1987), self-insure elsewhere insurers. regret, sphere activity. sovereignty." 353. Clearfield 363, (1943) ("`The terms'") Exchange Baltimore, 270 527, 534 (1926)); incurs individuals instruments. consent") omitted); Bostwick, controlled behalf"); Cooke 389, (1875) "comes commerce, submits there"). Jones, ("Wherever commingle, corporate body supposition substituted lie supposed defendant"); 826 (sovereign "[w]ere exclusively hurt action"). drew literally verbatim), [7], emphasize demonstrated "complete deference assessment reasonableness stake." N. Y. (1977); Energy Reserves Power 459 400, 412-413, (1983) stricter alters obligations); 350-351 (drawing "clear distinction" alter ownengagements"). "bears citizens." (1865). helpful, analogs. accuses transplanting alien soil, wait deprivation rights. Hagar Reclamation 108, 701, 708 (1884). importantly, resting inherent shaped sovereigns behave. 539-540 commonly defense" `public general,'" indirectly"); Exxon Eagerton, 462 176, 191-192 (distinguishing Clause). F.3d 1493, 1501 (CA10 1994) immunity [for acts] targeting party"); South Louisiana Grain 281, 287, agency's "were plaintiff's performance"). predictions, sun increase examples "fusion" bars activity occasion intermediate possible, theory. predominant commitments. difficulty, ascertaining relative impacts purely persuades extensive Courts Sav. 617 1992); Carteret 963 567, 581-582 (CA3 960 1318, 1322 (CA5 Far 951 1093, 1098 (CA9 1991); 1006 927 1332, 1341 (CA6), 502 937 1502 "FIRREA's knew crippling strengthened goodwill," giving exempt 976 203, (accepting Circuits dictum), 1004 Hiler, Ridge, Bartlett, Dreier, McCandless, Saiki, Baker, Paxon) ("For radically transactions"); 507-508 LaFalce) ("Those books regulations"); ("[Thrifts] Now, telling standards"); H2706 Crane) (FIRREA "would scant violates Government"). Senate, senators noted S5533 Sen. Hatfield) S10213 (Aug. D'Amato) (asking "whether sanctions wholesale reneging agreements"). 545 (Supplemental Views Schumer, Morrison, Roukema, Gonzalez, Vento, McMillen Hoagland) ("[A]n jeopardized adherence blithely FSLIC"); H2705 Gonzalez) blunt bad deals-I steals"); H2565 14, Saxton) ("In short[,] mistake `Two wrongs don't right'"). defeated amendments proposed Quillen Hyde, varying degrees rules. 616-617; H2710 Price) Hyde] `Deal Deal' regulator's tenable"); 1340-1341 (reviewing debate "[n]obody goodwill") original). dissent, "some intent," 10. expectation variant before. economy, lessen expenditure, practice repudiation"); L.J., 522 motivated [t]he convenience contract"). contends "occupies sections." 11. repudiation buried larger piece much. indication incidence increases subject. Transatlantic Financing 363 312, 1966) (requiring contingency "`something' unexpected"); Companhia Navegacao Brasiliero Blake 616, 619 (CA2 1929) (L. Hand, "how unexpected made] performance"); Kel Kim Central Markets, 900, 902, 524 295, 296 produced unanticipated foreseen guarded Barbarossa Sons, Iten Chevrolet, 655, 659 (Minn. unforeseen severe Mishara Construction Transit-Mixed Concrete 365 Mass. 122, 129, 367 Was performance?"); Krell Henry, K. 740, 752 (1903) against"); 1931, vitally fairly thrown promisor"). foreseeability relevant, dispositive, factor, 555-556 Opera Company Boston, Wolf Trap Foundation Performing Arts, 1094, 1101 look minimally likely, easily chosen 1099-1102; 1953, 119. confirmed oral argument. asked tightening "exactly hap-pen contracts," "Exactly. Tr. Oral Arg. Garn-St Germain Depository 97-320, 1469 (eliminating fixed discretion requirements); Deregulation Monetary Control 96-221, 132, (conferring discretionary 3% 6%); 3543 (lowering ratio 4% 3%); 31859 (excluding calculations); 52961 reserves); 212 "[c]apital evolving inception," requirements"); 581 massively game regularity"). policy); Stud., constraints, risk" honored efficient possible). Milwaukee Paul Hoyt, (1893) ("There things impossible, nonperformance"). Anderson, Anderson Uniform Commercial Code 2-615:34, 286 1983) ("Often promise"); 1346, 432 (1962) ("Just prevention administrative custom understanding"). [sovereign certainly affirmatively acts"); D L 736, 752, 402 990, 999 (1968) performs expressed"); Brothers (1967) (same), (1967); Gerhardt Meyne 550, 811, 815 (1948) mandated Acquisition 52.222-43, requires service adjustment Labor wage fringe determinations. 52.222-43 (1995). Of remembered sought, endorse.

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