LAW172 : Simon and Frank Case Study - US Presidential Election - Law Assignment Help

Assignment Task :

1. Simon, Frank, Bob and Michael are all stockbrokers and very good friends that all work at a medium sized stockbroking firm in the Sydney CBD. They all go out drinking together for about 3-4 hours after work twice a week. They have been doing this since 2012.

2. Simon is a second cousin to Frank, Bob and Michael. Frank is a direct cousin of Bob and Michael. Bob is Michael’s brother in law.

3. They are also all keen enthusiasts in American politics. In 2016, they decided to take bets as to who was going to win the US presidential election between Donald Trump and Hilary Clinton. Frank, Bob and Michael had no doubts that Hilary would win. Simon, on the other hand, thought that Donald Trump was in with a chance.

4. On 12 October 2016, before any of them had anything to drink, Simon prepared a written document on the back of a napkin at the local pub which stated the following:

5. 1. In the event that Donald Trump wins the US presidential election, Frank, Bob and Michael will each pay to Simon $70000.00 (totaling $210 000.00 and Simon will pay them each 40 cents (totaling $1.20);

   2. In the event that Hilary Clinton wins the US presidential election, Simon will pay to each of Frank, Bob and Michael $700.00 (totaling $2 100.00) and Frank, Bob and Michael will each pay to Simon $0.40 (totaling $1.20);

   3. In the event that Donald Trump wins the presidential election and receives 300 or more electoral college votes then clause a. above will not apply and Frank, Bob and Michael will each pay to Simon $700 000.00 (totaling $2.1M) on or before 1 February 2017 and Simon will pay them each 40 cents (totaling $1.20) on or before 1 February 2017.”

6. Simon immediately signed the above piece of paper. Frank, Bob and Michael, on the other hand, said that they would think about it.

7. About 3 hours later, each of them had a lot of drinks. They were all drunk. Frank, Bob and Michael each finally said (in a very slurred voice that Simon could hear):

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