Tenure is "indispensable to the success of an institution in fulfilling its obligations to its students and to society." So declares the 1940 Statement of Principles on Academic Freedom and Tenure. The academic community, however, has never lacked for proposals that would undermine tenure and thus its role in serving students and society. Among such current proposals, one in particular requires comment because it has surfaced in recent cases considered by Committee A.1 It proposes that prospective faculty members accept renewable term appointments and forgo consideration for tenure and/or that current faculty members renounce tenure in return for some advantage, such as a higher salary, accelerated leave, or other pecuniary consideration. Proponents of these agreements argue that they embody a free exchange of mutual benefit to the parties. If academic tenure withers in consequence, they claim, that only demonstrates that, in a free market, faculty will have demonstrated their unwillingness to support tenure.