• Law Study Aids
    • Case Briefs
    • Lessons
      • 1L
        • Civil Procedure
        • Constitutional Law
        • Contracts
        • Criminal Law
        • Property Law
        • Torts
      • 2L/3L
        • Business Associations
        • Criminal Procedure
        • Evidence
        • Family Law
        • Secured Transactions
        • Wills, Trusts & Estates
    • Outlines
      • 1L
        • Civil Procedure
        • Constitutional Law
        • Contracts
        • Criminal Law
        • Property Law
        • Torts
      • 2L/3L
        • Agency
        • Business Associations
        • Conflicts of Law
        • Corporations
        • Criminal Procedure
        • Evidence
        • Family Law
        • Partnerships
        • Secured Transactions
      • Exam Prep Checklists
        • Access 1L Checklists
          • Civil Procedure
          • Constitutional Law
          • Contracts
          • Criminal Law
          • Property Law
          • Torts
        • Access 2L/3L Checklists
          • Agency
          • Criminal Procedure
          • Corporations/Business Entities
          • Evidence
          • Family Law
          • Partnership
          • Trusts
          • U.C.C. ART. 9
          • Wills
    • Refresher Courses
      • 1L
        • Constitutional Law
        • Contracts Law
        • Criminal Law
        • Property Law
        • Torts Law
      • 2L/3L
        • Criminal Procedure
        • Evidence Law
    • Exam Prep Pro
      • 1L
        • Civil Procedure
        • Constitutional Law
        • Contracts
        • Criminal Law
        • Property Law
        • Torts
      • 2L/3L
        • Criminal Procedure
        • Evidence
    • Multiple Choice Quizzes
      • 1L
        • Civil Procedure
        • Constitutional Law
        • Contracts
        • Criminal Law
        • Property Law
        • Torts
      • 2L/3L
        • Criminal Procedure
        • Evidence
    • Exam Prep Workshops
      • 1L
        • Civil Procedure
        • Constitutional Law
        • Contracts
        • Criminal Law
        • Property Law
        • Torts
    • Charts and Notes
      • 1L
        • Civil Procedure
        • Constitutional Law
        • Contracts
        • Criminal Law
        • Property Law
        • Torts
      • 2L/3L
        • Criminal Procedure
        • Evidence
  • Courses
    • Practice Ready Workshop
    • 1L Prep Course
    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    Advanced Search | Notes Search
    Start My FREE 7-DAY Trial
    Log In
    StuddyBuddy Pro
    Apple
    Facebook
    Google

    Forgot Password?

    Forgotten Password

    Cancel

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors

    • Law Study Aids
      • Case Briefs
      • Lessons
        • 1L
          • Civil Procedure
          • Constitutional Law
          • Contracts
          • Criminal Law
          • Property Law
          • Torts
        • 2L/3L
          • Business Associations
          • Criminal Procedure
          • Evidence
          • Family Law
          • Secured Transactions
          • Wills, Trusts & Estates
      • Outlines
        • 1L
          • Civil Procedure
          • Constitutional Law
          • Contracts
          • Criminal Law
          • Property Law
          • Torts
        • 2L/3L
          • Agency
          • Business Associations
          • Conflicts of Law
          • Corporations
          • Criminal Procedure
          • Evidence
          • Family Law
          • Partnerships
          • Secured Transactions
        • Exam Prep Checklists
          • Access 1L Checklists
            • Civil Procedure
            • Constitutional Law
            • Contracts
            • Criminal Law
            • Property Law
            • Torts
          • Access 2L/3L Checklists
            • Agency
            • Criminal Procedure
            • Corporations/Business Entities
            • Evidence
            • Family Law
            • Partnership
            • Trusts
            • U.C.C. ART. 9
            • Wills
      • Refresher Courses
        • 1L
          • Constitutional Law
          • Contracts Law
          • Criminal Law
          • Property Law
          • Torts Law
        • 2L/3L
          • Criminal Procedure
          • Evidence Law
      • Exam Prep Pro
        • 1L
          • Civil Procedure
          • Constitutional Law
          • Contracts
          • Criminal Law
          • Property Law
          • Torts
        • 2L/3L
          • Criminal Procedure
          • Evidence
      • Multiple Choice Quizzes
        • 1L
          • Civil Procedure
          • Constitutional Law
          • Contracts
          • Criminal Law
          • Property Law
          • Torts
        • 2L/3L
          • Criminal Procedure
          • Evidence
      • Exam Prep Workshops
        • 1L
          • Civil Procedure
          • Constitutional Law
          • Contracts
          • Criminal Law
          • Property Law
          • Torts
      • Charts and Notes
        • 1L
          • Civil Procedure
          • Constitutional Law
          • Contracts
          • Criminal Law
          • Property Law
          • Torts
        • 2L/3L
          • Criminal Procedure
          • Evidence
    • Courses
      • Practice Ready Workshop
      • 1L Prep Course
    Start My FREE 7-DAY Trial
    Log In Sign up
    StuddyBuddy Pro
    Apple
    Facebook
    Google

    Forgot Password?

    Forgotten Password

    Cancel
    0
    To print, please Start a Free Trial or Log in.

    Confirm favorite deletion?

    Cancel Yes, Delete

    Contracts Keyed to Murphy

    Homani v. Iranzadi

    Facts

    Plaintiff and Defendant were brothers-in-law and had been involved in various business dealings together in Iran and the United States. On January 9, 1984, Plaintiff wrote a check for $250,000.00 to California Land Title to fund a real estate transaction on behalf of Defendant. The $250,000.00 loan was evidenced by two promissory notes in the amount of $125,000.00 each dated March 22, 1984. Each note provided that it was all due and payable in two years and it would bear no interest. One note was secured by property known as “Pinehill” and the other by property called “Outlook.” Defendant granted Plaintiff a power of attorney pursuant to which Plaintiff frequently wrote checks for Defendant. On March 25, 1984, Plaintiff signed a check to himself for $2,104.68 on Defendant’s account, which stated that it was for interest to March. According to the Plaintiff, this amount represented the interest lost to him by keeping the $250,000.00 accessible for two and a half months. He said that Defendant had agreed to pay him the difference between the interest he was earning in his regular bank account and the 12% he would be receiving from Defendant. These checks continued for about a year. The total amount paid to Plaintiff by Defendant was $39,324.68. On March 18, 1985, Plaintiff and Defendant signed an agreement modifying each of the promissory notes. The modification stated that the notes should be paid on or before September 22, 1985 and should bear no interest until June 22, 1985. On June 22, 1985 interest shall commence at the rate of 18% and the interest shall be payable monthly commencing on July 22, 1985 and continue monthly thereafter. Two more payments were made and then no further payments were made. On August 14, 1985, Plaintiff filed notices of default and foreclosures were commenced on both the properties. Defendant found a buyer for the Pinehill property and Plaintiff was paid through that escrow the full principle balance of $125,000.00 plus interes t. Defendant reserved the right to claim a credit for $40,000.00 against the second note. The Outlook property sold and Plaintiff submitted a demand for the full $125,000.00 plus interest. Defendant claimed that he had paid $39,324.68 on the principle balance. Plaintiff filed suit, alleging breach of contract. Defendant filed a cross complaint for declaratory relief alleging that he paid $39,324.68 towards the principle and seeking a determination of rights as to the money held in trust. Defendant also pleaded a cause of action for conversion of the $39,324.68 and prayed for compensatory relief and punitive damages against Plaintiff. Plaintiff testified at trial that he and Defendant orally agreed on an interest rate of 12% and that Defendant would not report interest paid and Plaintiff would not have to report receiving the income. Defendant claimed that he and Plaintiff had never discussed interest on the loan and that interest was not charged in family dealings. The trial court fou nd that the payment represented interest, therefore Defendant still owed Plaintiff the amount on the loan.

    Only StudyBuddy Pro offers the complete Case Brief Anatomy*

    Access the most important case brief elements for optimal case understanding.

    *Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue

    • The Brief Prologue provides necessary case brief introductory information and includes:
    • Topic:

      Identifies the topic of law and where this case fits within your course outline.
    • Parties:

      Identifies the cast of characters involved in the case.
    • Procedural Posture & History:

      Shares the case history with how lower courts have ruled on the matter.
    • Case Key Terms, Acts, Doctrines, etc.:

      A case specific Legal Term Dictionary.
    • Case Doctrines, Acts, Statutes, Amendments and Treatises:

      Identifies and Defines Legal Authority used in this case.
    Start Your Free Trial or Log in.
    • The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
    • Brief Facts:

      A Synopsis of the Facts of the case.
    • Rule of Law:

      Identifies the Legal Principle the Court used in deciding the case.
    • Facts:

      What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case.
    • Issue(s):

      Lists the Questions of Law that are raised by the Facts of the case.
    • Holding:

      Shares the Court's answer to the legal questions raised in the issue.
    • Concurring / Dissenting Opinions:

      Includes valuable concurring or dissenting opinions and their key points.
    • Reasoning and Analysis:

      Identifies the chain of argument(s) which led the judges to rule as they did.
    Start Your Free Trial or Log in.
    • The Brief Prologue closes the case brief with important forward-looking discussion and includes:
    • Policy:

      Identifies the Policy if any that has been established by the case.
    • Court Direction:

      Shares where the Court went from here for this case.
    Start Your Free Trial or Log in.

    Your Law School
    Success Begins Here

    • Case Briefs - the Socratic Savior! – Best in class and Largest Library of complete I.R.A.C. / C.R.E.A.C. Law School case briefs. Includes:
      • SmartBriefs® - Enhanced case briefs for optimal clarity
      • CaseCast® - Professor overviews of "What you need to know"
      • New MarginBrief® - A.I. - Powered for faster, more efficient case recall
    • Lessons - Professor delivered video for topic reinforcement
    • Outlines - Professor written - downloadable, amendable and includes test-taking tips and tools
    • Refresher Courses - Quick course reviews with interactive exercises
    • Quizzes and Exams - over 5,000 Multiple Choice and Essay questions all Professor curated and answered
    • Exam Prep Workshops - Delivered by Professors on how to disect, organize and answer law school exam questions
    • and so much more ...
    Start your FREE Trial

    Notepad Click anywhere in notepad to add a note

    Homani v. Iranzadi