April 2, 2021 at 6:23 PM Please read the Module Notes prior to completing the assigned questions. Please complete all homework below using the IRAC Method (review the example posted in the Week One Module for IRAC format). 1. Steve and Ken were roommates in a rental apartment. The lease was in Ken's name but they split all of the expenses. The building where they rented became a cooperative and the tenants had the option to buy their apartment. Ken learned that he could buy the unit for $55,000 if he paid a $1,000 fee immediately to maintain his right to buy. He mentioned to Steve that he planned to buy the unit and Steve asked if he could become half owner. Ken agreed and borrowed the $1,000 from Steve for the initial fee. As the time to purchase the apartment came nearer, Ken realized he could sell the apartment for a profit and placed an ad in the paper. He was offered $125,000 within a day of placing the ad. Ken then told Steve that their deal was off and that he was buying the unit alone and promptly did just that. Steve filed a lawsuit against Ken. What was the outcome