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SCENARIO #1 TIME IS OF THE ESSENCE Susan signs a contract to purchase a home from Beth. The parties to the contract included the selling price and...

SCENARIO #1

TIME IS OF THE ESSENCE

Susan signs a contract to purchase a home from Beth. The parties to the contract included the selling price and the closing date. Susan regarded a timely sale as important, and Beth agreed to a clause stating, "Susan Jones considers that time is of the essence in consummating the proposed transaction." Unfortunately, Beth was unable to close on the date specified and asked Susan for an extension. Susan refused and purchased a home from Margaret  **PLEASE ANSWER ONLY COMPLETING THE IRAC METHOD BELOW** The ISSUE is already provided. State the applicable rule, your analysis, and conclusion.


IRAC

ISSUE: If Beth sues Susan for breach of contract, will Beth prevail since the contract had a "time is of the essence" clause in it?

State the applicable rule, analysis, and conclusion.

RULE:

ANALYSIS:

CONCLUSION:

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SCENARIO #2

DELEGATION OF DUTY

Susan buys a 2018 Chevy Camaro from her local dealership. After she has owned it for six months, she realizes that the rear seat is too small for her family's needs as is the trunk. She sells the automobile to Margaret. As part of the sale's contract with Susan, Margaret agrees to pay the balance on Susan's loan of $28,118 to the dealership for Susan. **PLEASE ANSWER ONLY COMPLETING THE IRAC METHOD BELOW** The ISSUE is already provided. State the applicable rule, your analysis, and conclusion.


ISSUE: If Margaret fails to pay the Chevy dealership, what option or options does the Chevy dealership have to recover on the balance still due on the loan it made to Susan?

State the applicable rule, analysis, and conclusion.

RULE:

ANALYSIS:

CONCLUSION:


ISSUE: What more should Susan legally have done to make sure that Chevy Credit Corporation accepts Margaret as the new OBLIGOR on the auto loan? 

State the applicable rule, analysis, and conclusion.

RULE:

ANALYSIS:

CONCLUSION:

Top Answer

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