Kramer sent the following letter to several prospective buyers: “I am sending this notice to prospective buyers because I am interested in selling Kramer Tower in downtown St. Cloud. Don’t bother to reply unless you are thinking in terms of at least $1,000,000.”

Buckingham U. Badger owns a large house in Green Bay. The house is right next to, and faces, the parking lot at Lambeau Field, home of the Green Bay Packers football team. Badger rents out his house and front yard on game days to fans who wish to engage in tailgate parties before and after the Packer game. Bubba Fann loves the Green Bay Packers. He wants to throw a big tailgate party for all his Packer friends for the Packer-Viking game on a Sunday in November. In September, Fann and Badger entered into a verbal agreement that required Fann to pay Badger $1,000 to use Badger’s house all day on the Sunday of the game, and Fann then sent a check to Badger for the full amount. A week before the game, ESPN television and the National Football League changed the game date from Sunday to Monday night so that the Packer game can be featured on the Monday Night Football telecast.Fann demands his money back from Badger. What is Fann’s best argument?

Mr. Harmon is a CPA. He promises to pay his assistant a $5,000 bonus if she gets an MBA degree. The assistant gets the degree. Mr. Harmon is

(4 points) The Smithfield Pork Company in South Dakota typically enters six-month contracts to supply pork products to large regional supermarket chains at fixed prices. Smithfield gets its hog supply from large hogfarm operations in the area. One of its largest suppliers just lost a lawsuit relating to the odor nuisance that the hogfarm was causing and was ordered to shut down until it could remediate the problem, which will take months. Smithfield could buy live hogs from other farms farther away, but at a significant increase in transportation costs and at increased prices because of the decline in the supply from hog farms due to several hogfarm shutdowns.Smithfield tells its supermarket customers that it will no longer honor the six-month fixed-price contracts that it has with the supermarkets unless the terms are renegotiated. Is Smithfield in breach or will it be excused from performance. [note:  first, tell me the arguments that Smithfield will make to try to be excused.  Second, tell me the counter-arguments that the supermarkets would make to try to hold Smithfield liable for breach.]

Kramer wants to sell his house for $200,000. Johnson signs a binding purchase contract that includes the following terms: 1) a purchase price of $200,000; 2) Johnson must pay $2,000 as earnest money upon signing (which he paid); 3) Kramer is entitled to retain the earnest money as damages if Johnson does not close on the scheduled date. One week before closing, Johnson gets a new job in a different city, and tells Kramer that he won’t close. A couple weeks later, Kramer sells the house to another buyer for $225,000. Johnson learns of the later sale, and demands that Kramer repay his earnest money.

Kramer owns a refrigerator that he uses in his home. Kramer is down on his luck, and wants to borrow $400 from Cal. Cal loans the money to Kramer, and gets a signed security agreement from Kramer that gives Cal a security interest in the refrigerator. Cal proceeds to file a timely financing statement. Kramer keeps possession of the refrigerator. Later Kramer defaults. No other creditors have a security interest in the refrigerator. Is Cal entitled to repossess the refrigerator from Kramer?

Kramer owes several creditors lots of money. His only two friends happen to also be creditors. Kramer uses his last few dollars to pay the debts he owes to his two friends. The next week Kramer files bankruptcy.

Assume the following timeline.May 1 — Ace Bank loans money to Kramer Company to fund the purchase of Equipment A. Ace Bank requires Kramer to sign a security agreement that provides that Ace Bank gets a security interest in Equipment A as well as a security interest in all equipment and inventory that Kramer may acquire in the future.May 2 — Equipment A is delivered to Kramer.May 4 — Bobs Bank loans money to Kramer Company to fund the purchase of Equipment B. Bobs Bank and Kramer sign a security agreement that provides that Bobs Bank gets a security interest in Equipment B, plus Bobs Bank also gets a security interest in Equipment A and all other currently owned equipment and inventory and all equipment and inventory that Kramer may acquire in the future.May 5 — Equipment B is delivered to KramerMay 6 — Bobs Bank files a financing statement relating to the collateral.May 8 — Ace Bank files a financing statement relating to the collateral.May 10 — Kramer Company uses its own funds to buy Equipment C.June 10 — Kramer goes broke and defaults on everything.Who is entitled to what?

Which of the following parties can obtain and benefit from a PMSI?

Solar easements in Minnesota