Eric Zacks

Eric Zacks

Associate Professor of Law

Contact

Room 3269
(313) 577-0508

Eric Zacks

  • Biography

    Eric Zacks is an associate professor of law at Wayne State University Law School. His scholarship focuses on modern contracting practices and the relevance of behavioral and cognitive sciences to the legal and social construction of contract formation, breach and enforcement. His recent articles have focused on the problematic evolution of contract law in the home mortgage foreclosure context. His work has been published in many law reviews and journals, including the University of Pennsylvania Journal of Business Law, Florida State University Law Review, Journal of Corporation Law, University of Cincinnati Law Review, Marquette Law Review, Penn State Law Review and William & Mary Business Law Review. He also co-authored a contract law casebook, Contracts in Context: From Transaction to Litigation, which was published by Aspen Publishers in 2019.

    In 2012 and 2013, Zacks was voted Professor of the Year by the second- and third-year law students at Wayne Law. He teaches a variety of business law courses, including Corporate Finance, Mergers and Acquisitions, Securities Regulation, and Corporations, as well as a first-year Contracts course. He also is the faculty advisor for the Jaffe Transactional Law Competition, a transaction-based skills course that he created in 2014.

    Prior to joining Wayne Law, Zacks was a partner in the corporate and securities department of Honigman Miller Schwartz and Cohn LLP, a Detroit law firm, with a practice focus on complex acquisitions and divestitures, debt and equity financings, and other aspects of corporate transactions. He earned his law degree, magna cum laude, from Harvard Law School and his bachelor’s, with high distinction, from the University of Michigan.

  • Degrees and Certifications

    J.D., Harvard Law School
    B.A., University of Michigan

  • Courses Taught

    Contracts
    Corporate Finance
    Corporations
    Mergers and Acquisitions
    Securities Regulation
    Transactional Law Competition

  • Selected Publications

    No Brakes: Loan Acceleration and Diminishing Foreclosure Defenses, 18 Wake Forest J. Bus. & Intell. Prop. L. 389 (2018) (with Dustin A. Zacks)

    The Restatement (Second) of Contracts § 211: Unfulfilled Expectations and the Future of Modern Standardized Consumer Contracts, 7 William & Mary Business Law Review 733 (2016)

    A Standing Question: Mortgages, Assignment, and Foreclosure (with Dustin A. Zacks), 40 Journal of Corporation Law 706 (2015)

    The Moral Hazard of Contract Drafting, 42 Florida State University Law Review 991 (2015)

    Contract Review: Cognitive Bias, Moral Hazard, and Situational Pressure, 9 Ohio State Entrepreneurial Business Law Journal 379 (2015).

     

    Not a Party: Challenging Mortgage Assignments (with Dustin A. Zacks), 59 St. Louis University Law Journal 175 (2014).

     

    Shame, Regret, and Contract Design, 97 Marquette Law Review 695 (2014).

     

    Contracting Blame, 15 University of Pennsylvania Journal of Business Law 169 (2012).

     

    Unstacking the Deck? Contract Manipulation and Credit Card Accountability, 78 University of Cincinnati Law Review 1471 (2010).

     

    Dismissing the Class: A Practical Approach to the Class Action Restriction on the Legal Services Corporation, 110 Penn State Law Review 1 (2005) (with Joshua D. Blank) reprinted in Class Action Litigation and Limitations (Icfai University Press, 2008).

     

  • Social Science Research Network
    View SSRN Profile

    Publications

    • Update: No Brakes: Loan Acceleration and Diminishing Foreclosure Defenses
      July 17, 2018
      The high volume of foreclosures during and following the Great Recession in the United States led to the revelation of many troubling lending practices. It also led to problematic judicial decisions that erode borrower protection by curtailing or eliminating procedural requirements and substantive defenses with respect to foreclosure. This Article examines the treatment of statute of limitation and res judicata defenses after a loan has been accelerated following a borrower default. Some courts ignore the traditional rule that acceleration under a contract starts the clock for statute of limitation purposes or that acceleration consolidates the loan instrument into a single obligation as opposed to an installment obligation. Instead, these courts have permitted lenders to accelerate loans repeatedly without triggering the statute of limitations or res judicata defenses. Consequently, lenders are permitted to assert foreclosure claims with respect to the same underlying debt amount ...<br/><i>New PDF Uploaded</i>
    • New: No Brakes: Loan Acceleration and Diminishing Foreclosure Defenses
      July 5, 2018
      The high volume of foreclosures during and following the Great Recession in the United States led to the revelation of many troubling lending practices. It also led to problematic judicial decisions that erode borrower protection by curtailing or eliminating procedural requirements and substantive defenses with respect to foreclosure. This Article examines the treatment of statute of limitation and res judicata defenses after a loan has been accelerated following a borrower default. Some courts ignore the traditional rule that acceleration under a contract starts the clock for statute of limitation purposes or that acceleration consolidates the loan instrument into a single obligation as opposed to an installment obligation. Instead, these courts have permitted lenders to accelerate loans repeatedly without triggering the statute of limitations or res judicata defenses. Consequently, lenders are permitted to assert foreclosure claims with respect to the same underlying debt amount ...
  • Books
    Contracts in Context: from Transaction to Litigation (2019) with Nadelle Grossman

    This new casebook focuses on the transactional nature of contracts. In addition to describing the law of contracts and how the law is applied in litigation, the casebook explores why parties enter into contracts, how written contracts are customarily structured, and why and how parties use contract design and terms to achieve their goals.

  • Accomplishments
    • Eric Zackspresented "The Statute of Limitations, Res Judicata, and Acceleration Clauses in Mortgage Foreclosures" at the 12th Annual International Conference on Contracts, which was held at Southwestern Law School, Los Angeles, California.
    • Eric Zackspresented a draft of his article, "Fee-Shifting Provisions in Foreclosure," at the 2017 Midwestern Law & Economic Annual Meeting and Conference at Marquette University Law School. 
    • Eric Zackspresented his latest article "Fee-Shifting Provisions in Foreclosure," Feb. 23 at the 13th Annual International Conference on Contracts at Barry University School of Law.
    • Eric Zacks presented his latest article "Fee-Shifting Provisions in Foreclosure" June 7 at the 2018 Annual Meeting on Law and Society in Toronto.
    • Eric Zacks co-wrote “No Brakes: Loan Acceleration and Diminishing Foreclosure Defenses” with Dustin A. Zacks for the Wake Forest Journal of Business and Intellectual Property Law. The article examines the evolving treatment of statute of limitation and res judicata defenses after a loan has been accelerated following a borrower default and the implication for future lending and collection practices. Read the article here.  
    • Eric Zacks co-wrote the casebook “Contracts in Context: From Transaction to Litigation” with Nadelle Grossman of Marquette University Law School, which was recently published by Aspen. In addition to describing the law of contracts and how the law is applied in litigation, the new casebook explores why parties enter into contracts, how written contracts are customarily structured, and why and how parties use contract design and terms to achieve their goals.
    • Eric Zacks was featured on the Wolters Kluwer Author Spotlight regarding his new casebook, “Contracts in Context: From Transaction to Litigation.”

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