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BUSINESS & FINANCE LAW REVIEW Volume 3, Issue 1 Nov. 2019 ARTICLES THE LOST RATIONALE OF AGENCY LAW ----------------------------------------------------- 1 Daniel Harris CORPORATE GOVERNANCE AND INCOME INEQUALITY: THE ROLE OF THE MONITORING BOARD --------------------------------------------------------------------------- 49 Ezra Wasserman Mitchell CONTRACT INTERPRETATION REVISITED: THE CASE OF SEVERABILITY CLAUSES --- 90 Uri Benoliel The George Washington University Law School Business & Finance Law Review, ISSN 2574-2248, is published twice a year by the students of The George Washington University Law School, 2000 H St, N.W., Washington, D.C. 20052. E-mail: [email protected]. Web site: http://www.gwbflr.org. THE GEORGE WASHINGTON UNIVERSITY LAW SCHOOL BUSINESS & FINANCE LAW REVIEW Board of Editors Volume 3 2019–2020 Editor-in-Chief Andy Reynolds Senior Managing Editor Jenny Lee Senior Articles Editor Senior Notes Editor Danielle Rodriguez Benjamin Armuth Articles Editor Senior Online Editor Notes Editors Robert Pollak Adam Hubbi Bazyen Selassie Eric Knight Jonathan Weyand Alina Krugovykh Associates Brendan Balent George Leonardo Fatemeh Shakholahi Michael Cantor Matthew Marks Sarah Westlake Yiang Chen Kirby Rousseau Jordan Kiellach Lisa Schwartz Members Ashley Anglade James DeFillippo David Levintow Morgan Baker John Diamandis John McBride Matthew Bolinsky Sean Frazier Michael Purcell Colton Canton Jackson Freese Matthew Quandt Sarah D’Addese David Guild Erik Wermuth John DeBerardinis Francisco Ishino Patrick Wiklund The George Washington University Law School 2019–2020 Officers of Administration Thomas J. LeBlanc, President of the University Christopher A. Bracey, Interim Dean and Professor of Law Emily Hammond, Jeffrey and Martha Kohn Senior Associate Dean for Academic Affairs and Research Professor of Law Hank R. Molinengo, Senior Associate Dean for Administrative Affairs and John S. Jenkins Family Professorial Lecturer in Law and Policy Rosa Celorio, Associate Dean for International and Comparative Law and Burnett Family Professorial Lecturer in International and Comparative Law and Policy Thomas B. Colby, Associate Dean for Research and Faculty Development and John Theodore Fey Research Professor of Law Renée Y. DeVigne, Associate Dean for Student Academic Development Elizabeth Ewert, Associate Dean of Students Susan Fine, Associate Dean for Professional Development and Career StrateGy Laurie S. Kohn, Interim Jacob Burns Foundation Associate Dean for Clinical Affairs Alan B. Morrison, Lerner Family Associate Dean for Public Interest and Public Service Law Scott B. Pagel, Associate Dean for Information Services Alfreda Robinson, Associate Dean for Trial Advocacy Lisa M. Schenck, Associate Dean for Academic Affairs Sophia Sim, Associate Dean for Admissions and Financial Aid John M. Whealan, Associate Dean for Intellectual Property Law Studies David M. Johnson, Assistant Dean for Public Interest and Public Service Law Jessica Tillipman, Assistant Dean for Field Placement Nancy Hullihen, Assistant Vice President of Development for GW Law Mike Briggs, Director of Information Systems Kasey Brzezanski, Director of Finance, Personnel, and LoGistics Andra Roy Chernack, Director of Disability Support Services and Senior Academic Advisor Matthew D. Dillard, Director of Admissions Lin Harmon-Walker, Interim Director for the Environmental and EnerGy Law ProGram Elizabeth H. Field, Director of StrateGic Communications and MarketinG Philip Hawkins, Director of Financial Aid Rosanne L. O’Hara, Director of Academic Support Services Jeremiah S. Pam, Director for the Business and Finance Law ProGram Karen D. Thornton, Director for the Government Procurement Law ProGram Donna Attanasio, Senior Adviser for EnerGy Law ProGrams Daniel Gordon, Senior Adviser for the Government Procurement Law ProGram Jacob Burns Law Library Scott B. Pagel, Director of the Law Library Matthew Bochniak, Head of Instructional TechnoloGy Robert Bratton, CataloGinG Librarian Virginia M. Bryant, Assistant Director for Technical Services Richard D. Evans, EmerGinG TechnoloGies Librarian Lori Fossum, Reference/National Security & U.S. ForeiGn Relations Librarian Jennifer Fritz, Systems Librarian Nicole Evans Harris, Assistant Director for Information Services Mary Kate Hunter, Reference/Government Contracts Librarian Lesliediana Jones, Head of Document Services Germaine L. Leahy, Head of Reference Iris Lee, Head of Collection Services Leslie A. Lee, Assistant Director for Administration Jennie C. Meade, Director of Special Collections Deborah Norwood, Assistant Director for Public Services Trina R. Robinson, Head of AcQuisitions & ContinuinG Resources Ken Rodriguez, Reference/Intellectual Property Librarian Lawrence Ross, Head of Electronic Services Robert Steele, CataloGinG Librarian Gordon Van Pielt, Senior CataloGinG Librarian Karen Wahl, Reference/LeGal History & Rare Books Librarian Emeriti Faculty Jerome Aure Barron, Harold H. Greene Professor Emeritus of Law B.A. 1955, Tufts University; J.D. 1958, Yale University; LL.M. 1960, The George Washington University James Milton Brown, Professor Emeritus of Law A.B. 1943, University of Illinois; J.D. 1963, University of Florida Thomas Buergenthal, Lobingier Professor Emeritus of Comparative Law and Jurisprudence B.A. 1957, Bethany College; J.D. 1960, New York University; LL.M. 1961, S.J.D. 1968, Harvard University W. Burlette Carter, Professor Emerita of Law B.A. 1982, Agnes Scott College; J.D. 1985, Harvard University James Phillip Chandler, Professor Emeritus of Law A.B. 1963, University of California, Berkeley; J.D. 1970, University of California, Davis; LL.M. 1971, Harvard University Lynn E. Cunningham, Professor Emeritus of Clinical Law A.B. 1966, Cornell University; B.D. 1969, Union Theological Seminary; J.D. 1972, Columbia University Phyllis Goldfarb, Jacob Burns Foundation Professor Emerita of Clinical Law B.A. 1978, Brandeis University; Ed.M. 1979, Harvard University; J.D. 1982, Yale University; LL.M. 1984, Georgetown University Jack Harlan Friedenthal, Howrey Professor Emeritus of Trial Advocacy, LitiGation, and Professional Responsibility A.B. 1953, Stanford University; J.D. 1958, Harvard University Anita Kessler Head, Professor Emerita of Law Lic.iur. 1955, University of Berne, Switzerland; M.S. in L.S. 1969, Columbia University Carol L. Izumi, Professor Emerita of Clinical Law B.A. 1976, Oberlin College; J.D. 1980, Georgetown University Gerald Philip Johnston, Professor Emeritus of Law B.A. 1959, Wesleyan University; LL.B. 1962, Duke University Frederick J. Lees, E.K. Gubin Professor Emeritus of Government Contracts Law B.A. 1952, University of Virginia; J.D. 1961, American University Ira C. Lupu, F. Elwood and Eleanor Davis Professor Emeritus of Law A.B. 1968, Cornell University; J.D. 1971, Harvard University Thomas D. Morgan, Oppenheim Professor Emeritus of Antitrust and Trade Regulation Law B.A. 1962, Northwestern University; J.D. 1965, University of Chicago Peter H. Meyers, Professor Emeritus of Clinical Law B.A. 1968, Marietta College; J.D. 1971, The George Washington University Ralph Clarke Nash, Jr., Professor Emeritus of Law A.B. 1953, Princeton University; J.D. 1957, The George Washington University William H. Painter, Theodore Rinehart Professor Emeritus of Business Law A.B. 1950, Princeton University; J.D. 1954, Harvard University Robert EuGene Park, Professor Emeritus of Law B.S. 1952, B.A. 1957, J.D. 1961, University of Florida; LL.M. 1965, Yale University Maximilian Pock, Professor Emeritus of Law J.D. 1958, University of Iowa; S.J.D. 1962, University of Michigan Peter Raven-Hansen, Glen Earl Weston Research Professor Emeritus of Law A.B. 1968, J.D. 1974, Harvard University Arnold Winfred Reitze, Jr., J.B. and Maurice C. Shapiro Professor Emeritus of Environmental Law B.A. 1960, Fairleigh Dickinson University; J.D. 1962, Rutgers University; M.P.H. 1985, Johns Hopkins University David Robinson, Jr., Professor Emeritus of Law B.A. 1950, Reed College; J.D. 1956, Columbia University; LL.M. 1965, Harvard University Lewis Aaron Schiller, Professor Emeritus of Law B.A. 1950, LL.B. 1952, University of Texas; M.A. 1958, Tufts University Teresa Moran Schwartz, J.B. and Maurice C. Shapiro Professor Emerita of Public Interest Law A.B. 1965, Stanford University; J.D. 1971, The George Washington University David James Sharpe, Professor Emeritus of Law A.B. 1950, University of North Carolina; LL.B. 1955, S.J.D. 1969, Harvard University Dinah L. Shelton, Professor Emerita of Law B.A. 1967, J.D. 1970, University of California, Berkeley Eric Scott Sirulnik, Professor Emeritus of Law B.A. 1965, Franklin and Marshall College; J.D. 1968, Boston University; LL.M. 1970, The George Washington University Lewis D. Solomon, Theodore Rinehart Professor Emeritus of Business Law A.B. 1963, Cornell University; J.D. 1966, Yale University John A. SpanoGle, Jr., William Wallace Kirkpatrick Research Professor Emeritus of Law B.S.E. in E.E. 1957, Princeton University; J.D. 1960, University of Chicago James E. Starrs, Professor Emeritus of Law and of Forensic Sciences B.A., LL.B. 1958, St. John’s University, New York; LL.M. 1959, New York University Joan H. Strand, Professor Emerita of Clinical Law B.A. 1972, J.D. 1975, The George Washington University David Benson Weaver, Professor Emeritus of Law B.A. 1943, Ohio Wesleyan University; J.D. 1948, Case Western Reserve University Glen Earl Weston, Oppenheim Professor Emeritus of Antitrust and Trade ReGulation Law B.S. 1943, University of Maryland; J.D. 1948, The George Washington
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