Instructions Answer the following case problems using the IRAC method, unless the question states that the IRAC method is not required. An explanation of the IRAC method is available here. Submit your well-written answers in a Microsoft Word or PDF document via the dropbox. The IRAC Method - Issue - Identify and state the legal issue presented by the fact scenario. (1-2 sentences) - Rule - State/define the legal principle that applies to the issue. - Analysis - Discuss how the legal principle relates to the fact scenario. This should be the most lengthy portion of your answer. - Conclusion - State your conclusion based on your analysis. (1-2 sentences) 6. Determining Priority Ramirez bought some used manufacturing equipment from Hurdle for $3,000, paying $1,000 in cash and the balance in a promissory note secured by a security agreement, Before Hurdle filed the financing statement, Ramirez used the equipment as collateral to obtain a loan from Allen, who immediately filed a financing statement. If Ramirez does not repay the loans, who has first priority in the equipment, Hurdle or Allen (IRAC not required)