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Case Citations [1] (Fall 2024)

handle is hein.ali/seccontract0197 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE Fall 2024 Citations CONTRACTS 2D Generally C.A.2, 2023. Cit. generally in ftn., cit. generally in case cit. in ftn. Lender filed an action in state court against borrower, which was an oil company that was wholly owned by Venezuela, seeking to recover amounts due under two note agreements and a credit agreement. After defendant removed the action, the district court rejected defendant's affirmative defense that repayment became impossible when the United States imposed sanctions prohibiting United States persons or entities from entering transactions of new debt with defendant, and granted summary judgment for plaintiff. This court affirmed the district court's conclusion that there was no genuine dispute of material fact as to whether payment was impossible under Restatement Second of Contracts § 261. The court noted that New York courts looked to the Restatement Second of Contracts when analyzing contracts like the one at issue that were governed by New York law. Red Tree Investments, LLC v. Petr6leos de Venezuela, S.A., 82 F.4th 161, 170, 171. C.A.2, 2023. Cit. generally in ftn., cit. in case cit. in ftn. Lender sued borrower that was an oil company wholly owned by the government of Venezuela, after defendant failed to pay amounts due under a promissory note. Following a bench trial, the district court entered judgment for plaintiff, finding that defendant failed to show that its failure to pay was excused on grounds of impossibility under New York law and Restatement Second of Contracts § 261. This court affirmed, holding that defendant failed to show that performance became impossible after the President of the United States issued an Executive Order prohibiting transactions of new debt between United States persons or entities and defendant. The court noted that New York courts looked to the Restatement Second of Contracts in analyzing contracts governed by New York law. Siemens Energy, Inc. v. Petr6leos de Venezuela, S.A., 82 F.4th 144, 153. E.D.Cal.2022. Cit. generally in cases cit. and quot. in ftn. Federally recognized Indian tribe sued United States Bureau of Reclamation, alleging that defendant violated federal law when it converted certain time-limited water-service contracts with a water district in California into permanent repayment contracts pursuant to the Water Infrastructure Improvements for the Nation Act. This court granted the water district's motion to intervene as of right, with conditions, holding that, while the contracts were potentially voidable under Restatement Second of Contracts § 7 because they had not been validated COPYRIGHT (02024 By THE AMERICAN LAW INSTITUTE All rights reserved Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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