Case Questions, you must answer four synthesizing questions regarding contracts, the UCC, and sales
The Madariagas owned a restaurant where they served “Albert’s
Famous Mexican Hot Sauce.” They entered into a contract to sell the
restaurant and the formula for the secret sauce to Morris. Although
Morris paid the agreed-upon price, the sellers refused to give him
the recipe unless he also paid them lifetime royalties for the
salsa. Which of these remedies should Morris seek: expectation,
restitution, specific performance, or reformation? Why?
A manufacturer delivers a new tractor to Farmer Ted on the
first day of the harvest season. But the tractor will not start. It
takes two weeks for the right parts to be delivered and installed.
The repair bill comes to $1,000. During the two weeks, some acres
of Farmer Ted’s crops die. He argues in court that his lost profit
on those acres is $60,000. The jury awards the full $1,000 for the
tractor repairs, and $60,000 for the lost crops. Identify the two
types of awards (an award is also known as an interest or remedy in
this week’s material).
Blair Co.’s top officers asked an investment bank to find a
buyer for the company. The bank sent an engagement letter to Blair
with the following language: “If, within 24 months after the
termination of this agreement, Blair is bought by anyone with whom
Bank has had substantial discussions about such a sale, Blair must
pay Bank its full fee.” Is there any problem with the drafting of
this provision? What could be done to clarify the language?
What are the advantages and disadvantages of hiring a lawyer
to draft or review a contract?
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