1. What law (Uniform Commercial Code (UCC) or the common law) applies to this transaction?
2. Is the signed proposal between the Bank and Trill a contract? Why? Why not?
3. What is the significance, if any, that the Bank’s loan committee approved the proposed loans to Snowbelt and Trill?
4. If Trill prevails in his lawsuit for damages, what items should be included among his damages? Specifically, is Trill entitled to recover lost profits? In responding, assume the following evidence was introduced at trial:
a. One appraisal estimated the fair market value of the motor lodge in April 2001 at $4.6 million. A second appraisal estimated the fair market value to be $4.1 million.
b. Trill had purchased, renovated and resold four hotels between 1989 and 1991 at a combined profit of $22 million.
c. The Bank’s loan committee was told by the Bank officer presenting the loan application that Trill “had done four or five hotel deals in the last ten years with incredible success. Most of these being turn around situations. “
d. Two expert witnesses called by Trill testified that Trill should generate between $11 million and $13 million in profits over the first five (5) years of operation.
5. Assume Trill is entitled to recover his actual damages. Is he entitled to punitive damages? Why? Why not?
6. What do you consider the strongest arguments supporting Trill’s position?
7. What do you consider the strongest arguments supporting the Bank’s position?
8. What is your verdict?
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