Question
I need a tutor to help and give examples of the IRAC model and feedback please. Brown Field Blues Farmer Brown owns Brown Field Farm,
I need a tutor to help and give examples of the IRAC model and feedback please.
Brown Field Blues
Farmer Brown owns Brown Field Farm, a 400 acre farm that has been in the Brown family for five generations. Farmer Brown recently had the farm appraised, which determined its fair market value to be $2 million dollars.
One day, while Farmer Brown is sitting on his front porch contemplating the meaning of life, he sees a black Cadillac drive up his driveway. The car parks and out from the driver's seat steps a man dressed in a white cowboy hat, black suit, and boots. He introduces himself to Farmer Brown as Tex Austin, a wealthy businessman. "Farmer Brown, I'd like to buy your farm. What do you want for it?"
"It's not for sale," replies Farmer Brown. "Name your price," says Tex. "It's perfect."
"Why do you want it?" Farmer Brown inquires.
"Well, I'm a cattleman myself. I've got 1,000 head down in Texas. This farm is perfect."
"Well, you're right, it is perfect," says Farmer Brown. "So perfect, that I don't think I could take less than $4 million for it." "Deal!" says Tex. "My people will be by tomorrow with the paperwork."
The next day, two lawyers arrive with a deed for the farm, under the terms of which Farmer Brown will transfer to Tex Austin fee simple title. The deed states that the purchase price is $4 million. Farmer Brown informs the lawyers that, upon further contemplation of the meaning of life, he won't take less than $8 million for the farm. The lawyers ask Farmer Brown to go ahead and sign the deed so they can process the payment. He does, and the lawyers leave.
Two days later, as Farmer Brown is moving out, the lawyers return...followed by oil drilling equipment owned by the Austin Oil Corporation.
The lawyers hand Farmer Brown a check for $4 million, explaining that Tex Austin, who does in fact own 1,000 head of cattle in Texas, also owns an oil exploration company. After the original deed was recorded, Austin signed a new deed to his company, which will drill for oil.
Farmer Brown refuses to accept the check, arguing that he only agreed to sell the farm to Austin, not the corporation. He says Austin lied to him about the use of the farmhe never would have sold it if he knew the farm would be destroyed by oil equipment.
Farmer Brown also takes videos of the drilling equipment the company brings to the farm and posts the videos to social media. Unbeknownst to Farmer Brown, the drilling rigs utilize a secret design that improve drilling efficiency. Petroleum engineers working for Austin's competitors analyze the videos and copy the designs, destroying Austin's competitive advantage.
Geological tests show $100 million of oil reserves under Brown Field Farm. Litigation between the parties ensues.
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