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(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.]

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?

Kramer has many novelty shops that sell Halloween masks. Mr. Maker shows Kramer a prototype of a “Kamala Harris” mask. Kramer sends Maker a signed order to purchase 5,000 Harris masks. The order form has a space to include the price, but that space was left blank. Maker signs and returns the form, but Maker also does not fill in an amount specifying the price. Maker refuses to deliver the masks, and Kramer sues.

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?

The type of bankruptcy most commonly used by corporations is

Zeno buys a television for his home from Best Buy, Inc. on credit and signs a security agreement granting Best Buy a security interest in the television. A week later, Zeno is in need of cash, so he sells the television to Kramer, who puts the television in his home so he can watch the Fox Sunday night lineup (he loves that Stewie). Kramer paid a fair price for the television, and was not aware of the security interest that was held by Best Buy. Zeno then defaults on his loan to Best Buy. Best Buy then claims it has a right to recover the television from Kramer.

Kramer owns a farm in Minnesota.  He generally hates people and dogs, so he posts several “No Trespassing” signs around the property. Zeno drives his snowmobile onto Kramer’s property without permission, and sustains serious injury when he drives through a wire fence that surrounds Kramer’s pasture.  Tortious, Kramer’s son, has permission to hunt on Kramer’s property.  A ladder to a tree stand is in disrepair, and Tortious is severely injured when the ladder breaks. Both Zeno and Tortious sue Kramer for negligence. What is the probable outcome of each lawsuit?

A and B have adjoining property. A granted an easement to B to use a driveway that runs across A’s property. This is an example of

Husband dies with a will that reads as follows: To my wife, who spent money like there was no tomorrow, I leave 50 cents and a calendar. The rest of my entire estate I leave to Fifi LaMoore, who is the owner of Fifi’s Sauna and who is the only woman who ever understood my needs. Under Minnesota law, if the surviving wife is unhappy with 50 cents and a calendar.

What time do all units (except the Final Exam) for this course close?