SRM Global Fund L.P.v.Countrywide Financial Corp.

This is the case that you have brief as IRAC FORMAT :
The IRAC format has to be based on that :

Issue: What question must be answered in order to reach a conclusion in the case? This should be a legal question which, when answered, gives a result in the particular case. Make it specific (e.g. “Has there been a false imprisonment if the plaintiff was asleep at the time of ‘confinement’?”) rather than general (e.g. “Will the plaintiff be successful?”) Most cases present one issue. If there is more than one issue, list all, and analyze all issues raised.
Rule: The rule is the law which applies to the issue. It should be stated as a general principal, (e.g. A duty of care is owed whenever the defendant should anticipate that her conduct could create a risk of harm to the plaintiff) not a conclusion to the particular case being briefed, (e.g. “The plaintiff was negligent.”)
Application: The application is a discussion of how the rule applies to the facts of a particular case. While the issue and rule are normally only one sentence each, the application is normally paragraphs long. It should be written debate – not simply a statement of the conclusion. Whenever possible, present both sides of any issue. Do not begin with your conclusion. The application shows how you are able to reason on paper and is the most difficult (and, on exams, the most important) skill you will learn.
Conclusion: What was the result of the case?

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