Please answer the questions to show your full knowledge of contract law. This is an issue-spotting exercise, so please identify and describe all aspects of contract law that apply. 1 – Kim is a very famous television star and Kanye is a famous polka musician. After meeting in Paris at a gathering of important people they decide to fall in love and marry. Kim’s mother is concerned that Kanye isn’t a rich as Kim and demands a prenuptial agreement. Late one night after drinking heavily at the filming of a reality show, Kim’s mother threatens Kayne, telling him that if he doesn’t agree to a prenup, she will break his fingers (ruining his accordion playing). In front of millions of viewers, Kanye says, “O.k., o.k., cross-my-heart-hope-to-die I promise I’ll never take any of your money if we divorce.” Please analyze if this is a valid contract and identify any issues. Please provide a full contract analysis. 2 – They marry the next day. Two weeks later, Kanye decides to buy Kim a miniature pet giraffe for their big two-week anniversary. After interviewing several giraffe merchants, he decides to visit the Harlan Giraffe Emporium, located in Harlan, Kentucky. Pablo, the proprietor of the Giraffe Emporium, shows Kanye a unique, miniature lap giraffe named Stretch. Stretch is represented as a one of a kind creature who will grow only 3 feet tall. Pablo offers to sell Stretch for the low price of $350,000, cash up front. Kayne is concerned that the small animal may have health problems and declines. Instead, he offers a $100,000 down payment and an additional $200,000 when the animal reaches the age of 3. Kayne also says that he wants the right to terminate the agreement at any time getting his money back in full if the animal gets sick before the age of 3. Anxious to sell to a celebrity, Pablo agrees. The parties draw up the agreement on an old piece of notebook paper that reading as follows: I, Kanye, agree to pay a total of $300,000 for Stretch, the miniature giraffe. This will be paid $100,000 at the signing of this agreement and $200,000 when Stretch has his third birthday. Kanye will receive Stretch immediately. Both parties sign the agreement. Please analyze if there is a contract and identify any issues present. Please provide a full contract analysis. Are there any conditions precedent or subsequent? If so, identify them. 3 – Assume that after signing the document, Kanye presents a check for $100,000, but Pablo refuses to turn over Stretch. Pablo says he loves the animal too much to part with it. What sort of legal or equitable damages might apply to this situation? 4 – After approximately 6 weeks, Stretch falls terribly ill. Can Kanye return the animal? What rule may apply? 5 – Would it matter if Kentucky banned the sale of miniature giraffes? 6 – Assume that after 6 months, Kanye discovers a shocking material fact- Stretch is not a giraffe, but instead is a very strange and ugly dog. What sort of issue might this raise with the circumstances of the contract?
