written response to problem 5

For the written response to the problem, I would encourage you to try to show that you can identify and explain the legal issue in the problem, tell me (briefly) what the relevant rule is (or factors that a court might consider), and apply the rule to the facts in the problem to arrive at a conclusion. As mentioned in class, I am not looking for the "correct" answer - there may not be a correct answer - but rather an explanation of how you would respond to the problem and then support your answer by referring to relevant legal principles and facts in the problem.

One way to think about this is via the "IRAC" method: Issue, Rule, Analysis, Conclusion - meaning try to identify the legal issue, explain the general rule applicable to the legal issue, analyze the facts in light of the issue and rule, and then reach and support your conclusion based on the foregoing.

For most problems you should be able to answer in a page or less, e.g. I don't need you to restate the facts and I don't need you to copy the textbook - instead I want you to develop comfort with the legal issues and try to reach a conclusion.

5. Arnhold and Argoudelis agreed to sell their farm to Ocean Atlantic with a closing date originally set for November 1997. After delay in satisfying conditions precedent and several postponements of the closing date over almost four years, the parties finally entered into a settlement agreement, which identified January 25, 2001, as a \"drop dead\" date. The closing did not occur by that time, and Arnhold and Argoudelis gave notice that the contract was terminated. Ocean Atlan- tic sued for specific performance. Was the failure to close on the drop dead date a material breach