Reducing Unauthorized Deductions

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Credit Management Association

Information on how to use persuasion, intimidation, and legal talk to reduce unauthorized deductions.

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Asset Purchase Agreement The attached draft aircraft purchase agreement has many, many drafting errors. There is legalese, provisions are way too long, and there is a total lack of craftsmanship. Please clean it up. Redraft the agreement to reflect the deal below. There will be a fair amount of revision. Do not use any supplementary sources, other than those distributed to you in our course. Do not draft provisions other than the ones I have specifically asked for or those that are required because of the cascade effect (text pages 342-343). Finally, please draft an agreement from the point of view of your client, the seller. General Instructions - Draft an Agreement for Purchase and Sale of Assets (“Purchase Agreement”) for your client who wants to sell a law practice. - Focus on the material covered in class (textbook, class notes, TWEN, articles referenced, these instructions, Assignment, including Chapters 1-12, 14, 16-18 and Chapter 32; plus the Material Adverse Condition article on TWEN (“The MAC Clause: An Emperor With No Clothes”), and the following articles in the course reader: Parol Evidence after Riverisland ; Liquidated Damages Clauses; and the Indemnity Primer. - Use the Aircraft Purchase Agreement, which is posted on TWEN, as the base document on which you will incorporate the information and the deal points. - Clean up all language used from the form by applying what we have covered (ie, use of “may”, “shall”, active form, no legalese…) - Do not include language that is clearly not requested. - If given information to specify a date or amount, calculate date or amount to get full credit. - 13-page maximum for both documents, but the Promissory Note cannot be longer than 1 page. - I reserve the right to modify these instructions and deal points up to 1 week before the due date and time. I will accept the latest version you send me before the due date and time. - Due no later than 09:00 a.m. Saturday, November 5, 2016 by e-mail to [email protected] Deal Overview (may apply to purchase agreement or the Note exhibit) - Your California client, a limited liability partnership whose legal name is Bar None, LLP, but who does business as (dba) The Top Law Firm, wants to sell substantially all of the assets in connection with a law practice located at the building with an address of 3333 Sunset Blvd, Los Angeles, CA. As an LLP, your client is an entity in which the attorney-owners are partners, but no partner is liable to any creditor of the law firm nor is any partner liable for any negligence on the part of any other partner (i.e., each partner has limited liability). The managing partner is J.D. Advocate. The buyer, on the other hand, is Prince Law, but – because he also wants limited liability – he does not want to practice as a sole proprietor so he will create a California entity called Prince Law, P.C. and register it with the California State Bar and California Secretary of State. The LLP is registere.

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