Please use the IRAC method

Issue

Rule

Analysis

Conclusion

1)Anthony makes a contract to sell a rare painting to Laura for $100,000. The written contract specifies that if Anthony should fail to perform the contract, he will pay Laura $5,000. as liquidated damages. Anthony fails to deliver the paining and is sued by Laura for $5000. Can she recover this amount? Explain using IRAC

2)In February or March, Corning Glass Works orally agreed to retain Hanan as management consultant from May 1 of that year to April 30 of the next year for a present value fee of $200,000. Was the agreement binding? Is this decision ethical? (Hanan v. Corning Glass Works, 314 N.Y.S.2d 804 )