At several points during the semester, we've compared principles-based statutory and regulatory schemes with rules-based schemes. The latest time was in Class 24 on foreclosures where the often-detailed statutory requirements in most states for foreclosing real estate contrast with the comparatively imprecise principles reected in Part 6 of UCC Article 9. Do you believe that lenders prefer the rules- based approach or the principles-based approach? What about lenders' counsel? Why