CH26 Exercise Practice Guides

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Drake University *

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LAW-109

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Apr 3, 2024

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Abrielle Luther Chapter 26 Exercise: WORKING WITH ELECTRONIC FORMS For use with Contracts: A Modern Coursebook by Ben Templin. (c) 2019 Ben Templin The file may be copied and distributed only by professors and their assistants to students who are enrolled in a course where the book is assigned as a text. Otherwise, do not distribute or copy these materials in whole or in part without express written permission. Learning Objective This exercise has two primary objectives: (1) to reinforce the doctrine of adequate assurances of performance and (2) to familiarize yourself with electronic form based tools for practice. This exercise assumes that you have already had an introduction to legal research in your first year curriculum and that you have access to Westlaw through your school. Using Forms Transactional attorneys often work with forms and then edit the forms as needed for the circumstances of a particular transaction. However, being an transactional attorney is more than just filling out forms. Transactional attorney need to have a firm foundation in the legal principles in order to property assess risks and advise their clients. Forms are just a tool so that transactional do not have to start from scratch every time there is a legal issue. This exercise has you investigate two electronic form letters on Westlaw’s Practical Law service. Both letters are demand letters requesting adequate assurances of performance – one from a seller of goods to a buyer and other from a buyer of goods to a seller. The form letters are annotated with “Notes.” Click on the Notes and you will see an explanation of the legal principles related to the form letter. Instructions 1. Log onto Westlaw. 2. Find the two document below by typing the citation into the search box on Westlaw. 3. Read the document including the “Notes.” To read the notes, click on the boxes labeled with the word “Note” and a notepad icon. 4. Answer the questions below for each of the documents. 1

Abrielle Luther LETTER #1 Document : Letter from Seller Demanding Adequate Assurances from Buyer Citation : Practical Law Standard Document 1-518-7313 Questions 1. What are the three examples given in the Note that illustrate when a seller would have a “Basis for Insecurity” about a buyer? a. The buyer is operating under a forbearance agreement with its bank. b. Collection actions have been filed against the buyer. c. Negative public information about the buyer's finances. 2. What are three alternatives that the Buyer could give as assurances which are listed in the note labeled “Listing Requested Assurances”? a. The buyer is operating under a forbearance agreement with its bank. b. Collection actions have been filed against the buyer. c. Negative public information about the buyer's finances. LETTER #2 Document : Letter from Buyer Demanding Adequate Assurances from Seller Citation : Practical Law Standard Document 6-518-6919 Questions 1. What event is discussed as an example when a buyer would have a “Basis for Insecurity” about a seller? a. If the buyer is concerned about the seller's ability to deliver because of a strike that has taken place at the seller's sole subcontractor or vendor, 2. The Note on “Basis for Insecurity” suggests that the buyer discuss how the event giving rise to insecurity will impact the buyer, and then suggests three factors that, if applicable, should be indicated. What are those factors? a. The need for specified quantities within specified time periods. 2

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