law assignment 34

Part 1

1. Read the case Wood Care Centers v. Evangel Temple (Links to an external site.)

2. Watch the youtube video on parole evidence (Links to an external site.) in contracts

3. Look at the Team Presentation PPT (Links to an external site.)

4. Carefully explain in your own words (paraphrase and do not copy from the case) the following words and statements from the case:

  • 1. Wood Care argues the trial court improperly considered parol evidence in its interpretation of the Agreement and the evidence is legally and factually insufficient to support the trial court’s conclusion that Evangel Temple did not breach the Agreement. We affirm.

  • 2. The Agreement contained a “ten-percent termination clause” that stated: Tenant, however, shall have the option of terminating this lease at any time by giving Landlord written notice of its election to do so and payment to Landlord of a sum of money equal to 10% of the balance of the rental payments then owed under the terms of this lease. The Agreement also contained a “tax-exemption termination clause” that stated: Both parties agree to cooperate with each other to achieve any available property tax exemption. In the event a property tax exemption for the leased premises is denied or suspended, Tenant shall have the option to terminate this lease. If, notwithstanding, the denial of such property tax exemption, Tenant elects to continue the lease, then Tenant shall be responsible for the payment of all property taxes and assessments and shall timely pay such taxes or assessments.
  • 3. Lack of clarity or a disagreement among the parties does not necessarily create an ambiguity. (Links to an external site.)Rather, whether “a contract is ambiguous is a question of law that must be decided by examining the contract as a whole in light of the circumstances present when the contract was entered.” “If, after the pertinent rules of construction are applied, the contract can be given a definite or certain legal meaning, it is unambiguous and we construe it as a matter of law.”

  • 4. Who won and why.

(Remember to number your responses and to restate the statements you are being asked to explain.)


Part 2

1. Read the following:

What is a Secured Promissory Note (Links to an external site.)

2. Now prepare a secured promissory note (you can use the sample below – just cut and paste.) Note that the promise to pay must be secured by a piece of collateral – normally this is a deed on your real property. Please make sure that you state the piece of collateral, and its’ location. Google promissory notes secured by collateral for sample notes.

Please also remove all blanks and instructions on the note (including parenthesis) so it is a complete legal professional document. Post your work below.

(Note, professionalism and neatness count up to 25 points.)

SAMPLE:

Promissory Note

LOAN REPAYABLE IN INSTALLMENTS AND SECURED

BY INTEREST IN REAL AND PERSONAL PROPERTY

1. For value received, ¨ I individually ¨ We jointly and severally promise to pay to the order of__________ (name of party) ____________________$ (amount of loan)

on______(date) at _________(location – i.e. city) at the rate of %________(10% or less if a personal/non commercial loan) per year (choose one):

¨ from the date this note was signed until the date it is due or is paid in full, whichever date occurs last.

¨ from the date this note was signed until the date it is paid in full.

2. ¨ I individually ¨ we jointly and severally also agree that this note shall be paid in installments, which include principal and

interest, of not less than $______per month, due on the first day of each month, until such time as the principal and interest are paid in full.

3. If any installment payment due under this note is not received y the holder within _______(number of days) days of its due date, the entire amount of unpaid principal shall become immediately due and payable at the option of the hold without prior notice to the signer(s) of this note.
4. In the event the holder(s) of this note prevail(s) in a lawsuit to collect on it, I/we agree to pay the holder(s)’ attorney fees in n amount the court finds to be just and reasonable.

5. ¨ I individually ¨We jointly and severally agree that until such time as the principal and interest owed under this note are paid in full, the note shall be secured by the following described mortgage, deed of trust, or security agreement:

(state specifics as to the collateral being secured, i.e. family residence located at , pink slip to automobile (specifics), stocks (specifics), etc. ____________________________________

Date _______________

_______________________________

Name of Borrower

Address of Borrower ______________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________

________________________

Signature of Borrower

 
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