Created the home affordable modification program

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Reference no: EM132264796

1. Laurie's contract to sell her tortilla chip business to Hudson contained a provision that she must continue to work at the business for five years. One year later, she quit. Hudson refused to pay her the amounts still owing under the contact. Laurie alleged that he is liable for the full amount because her breach was not material. Is Laurie correct? Discuss.

2. In response to the subprime mortgage crisis, the federal government created the Home Affordable Modification Program (HAMP) to help struggling homeowners refinance their mortgage debt, thereby reducing the foreclosure rate. HAMP facilitates contacts between the U.S. Treasury and mortgage lenders, who modify eligible homeowner's mortgage loans in return for incentive payments. The Mackenzies applied for a HAMP modification of their home. Although they were eligible, Flagstar bank went ahead and foreclosed on their Massachusetts home. The Mackenzies sued Flagstar for breach of contract, claiming they were intended third party beneficiaries of the lender's contract with the government. Discuss whether and how the Mackenzies might succeed on this theory?

Reference no: EM132264796

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