28 - CONTRACTS Final Examination Santa Barbara College of...

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CONTRACTS Final Examination Santa Barbara College of Law Spring 2001 Instructor: Craig Smith ______ Time Allotted - Three Hours ______ An answer should demonstrate your ability to analyze the facts presented by the question, to select the material from the immaterial facts, and to discern the points upon which the case turns. It should show your knowledge and understanding of the pertinent principles and theories of law, their relationship to each other, and their qualifications and limitations. It should evidence your ability to apply the law to the facts given, and to reason logically in a lawyer-like manner to a sound conclusion from the premises adopted. Try to demonstrate your proficiency in using and applying legal principles rather than a mere memory of them. An answer containing only a statement of your conclusions will receive little credit. State fully the reasons that support them. All points should be thoroughly discussed. Although your answer should be complete, you should not volunteer information or discuss legal doctrines that are not necessary or pertinent to the solution of the problem. Unless a question expressly asks for California law, it should be answered according to legal theories and principles of general application.
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QUESTION 1 Larry, Moe and Curly jointly owned Blackacre. Larry and Moe, who lived in California, entered into negotiations with Shep, who also lived in California, to sell Blackacre to Shep. Contract documents were drawn up. The price was set at $600 per acre. (1000 acres were being conveyed.) The contract documents specifically provided that once Shep paid $600,000 into escrow and the contract documents were signed by Larry, Moe and Curly, title to Blackacre would pass to Shep and a deed evidencing title would be delivered to him. Shep signed the contract documents and he promptly deposited the $600,000 into escrow. The contract documents were signed by Larry and Moe and then mailed to Curly who lived in New York. Before Curly received the documents and could act on the matter, Larry and Moe were struck by a serious case of “seller’s remorse” and called Curly and asked him not to sign the contract. It was the intention of Curly to execute these documents and he would have done so when the contract was sent to him except for the pressures put upon him by Larry and Moe to withhold his signature. Larry and Moe intended to use that fact as grounds to repudiate the contract. Curly suffered great uncertainties of mind concerning what his proper course of action should be. He went so far as to tell Moe that he felt that he should sign the contract but he didn't quite know what to do and he asked Moe to tell him directly not to sign as that would relieve his conscience. Moe obliged with this request. As a result, Curly refused to sign. Moe and Larry are refusing to deliver title. The sellers are now repudiating the contract.
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28 - CONTRACTS Final Examination Santa Barbara College of...

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