Case Study on "Rock Group Horriblescreech, This Week"

Case Study 3 pages (1096 words) Sources: 3

[EXCERPT] . . . .

Finally, negotiating with Bloodsucker is a possibility, particularly if we are able to find some factors that would make the contract unenforceable and/or allow the band to rescind the contract.

Bankruptcy is an option mentioned in the assignment facts; however, bankruptcy is a drastic step with long-term effects. Bankruptcy is governed by Title 11 of the U.S. Code and is separated into individual Chapters for different types of bankruptcy (Handel On the Law). It appears that the only type of bankruptcy that might completely excuse the band from the contract is Chapter 7 (Handel On the Law), which would free the band from the contract (Legalinfo.cal.gov). However, bankruptcy has "significant consequences and can be granted only once every 8 years" (Handel On the Law), so bankruptcy is not the quick and painless solution that it might see. Furthermore, bankruptcy cannot be based on fraud: if the band is attempting to rescind this contract in order to get a better contract, suddenly accumulating a lot of debt and filing for bankruptcy might be considered fraudulent. The band members will be claiming in bankruptcy court that they cannot pay their debts but the reality is that they want to rescind a contract and take a better offer. Basically they'd be concealing the real reason for bankruptcy and the better offer, and "if a debtor is found to have concealed some financial information and/or records, the court will not grant a discharge of debt" (Handel On the Law). What's more, if the ploy of suddenly running up large debts and avoiding a contract by bankruptcy has occurred to me, then a bankruptcy judge has probably seen that ploy many times; therefore, it might not work. Finally, even if the bankrup

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tcy is granted, if Bloodsucker eventually discovers our true reason for bankruptcy, Bloodsucker could try to get the bankruptcy reopened because of fraud (Edgar).

In conclusion, my clients would ultimately make the decision, but I would explain the following possibilities: if one or more of the factors making a contract unenforceable and/or allowing rescission is/are available, the band could: inform Bloodsucker that the contract is unenforceable and go ahead with the better contract, leaving it up to Bloodsucker to sue the band; easily sue Bloodsucker to officially rescind the contract if a very strong factor exists; painfully sue Bloodsucker if the band wants to set a precedent by breaking an oppressive contract; file for relief in bankruptcy, knowing all the risks and consequences involved; finally, negotiate with Bloodsucker, armed with our knowledge of the contract, the circumstances before and after signing the contract, and the transparent possibility of filing for relief in bankruptcy.

Works Cited

Dirks, Tim. AMC: Film History Milestones - 1943. 2011. Web. 2011 30 November.

Edgar, Alexander L. "The Law of Reopening: Revisited." 2011. Justice.gov. Web. 30 November 2011.

Handel On the Law. "Bankruptcy." 2011. Handelonthelaw.com. Web. 30 November 2011.

Legalinfo.cal.gov. "California Codes: Civil Code: Section 1746(a)." 2011. Legalinfo. Web. 30 November 2011.

-- . "California Codes: Civil Code: Section 703.040." 2011. Legalinfo.cal.gov. Web. 30 November 2011.

-- . "California Codes: Civil Code: Sections 1688-1689." 2011. Legalinfo.cal.gov. Web. 30 November 2011.

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Quoted Instructions for "Rock Group Horriblescreech, This Week" Assignment:

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Case Study: The Rock Group You are an attorney representing a rock group. Recently the group has told you that it wants to get out of its present recording contract in order to take advantage of a much better offer. The group's contract is a "new kid" agreement common in the recording industry. The group complains, and you agree, that the terms of the contract heavily favor the recording company. For example, although the contract calls for the group to make eight records, the company can drop the group at any time. In contrast, however, under the contract, your client (the rock group) cannot terminate the agreement at will (i.e. whenever it wants to), but instead must stay with the recording company and make all eight recordings. These could take twelve years to produce, however. The rock group entered into the contract, before you represented them, at a time when the members were all just out high school. In your opinion, however, had you been there to represent them, you probably could not have secured a much better deal because the above kinds of contractual terms are standard throughout the recording industry. In this regard, record companies say they have to rely upon "new kid" contracts to balance the financial risks of signing and producing many new artists, most of whom do not pan out. A lawsuit requesting a court to release the group from its contract could go on for years. You know about another legal strategy, however, that could generate the same result much sooner -- declaring bankruptcy. Under federal bankruptcy law, the courts may free debtors from contracts the court views as burdensome. You realize, although you have not yet shared this with the rock group, that it might be able to get out of the contract if the group members all rapidly accumulated large debts that might convince a judge they are financially bankrupt.

Assignment: In a 3-page, typed paper identify the business problems and analyze the legal issues involved in this case study. Present recommendations or conclusions based on information you have learned. Use proper documentation when citing resources.

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