Whether a state court may fashion an equitable remedy for enforcement of an illegal contract for services concerning blocked property prohibited by international trade sanctions regulations promulgated by the Executive to deter terrorism under the International Emergency Economic Powers Act

QUESTION PRESENTED FOR REVIEW Every President of the United States since President Carter has recognized that Iran presents a unique and compelling threat to world peace and the safety of Americans at home and abroad. In a series of executive orders pursuant to the International Emergency Economic Powers Act, the Executive has promulgated regulations now known as the Iranian Transactions and Sanctions Regulations (ITSR) that prohibit all trade with Iran and its government, subject to limited licenses. In this case, the parties entered into an illegal contract to redeem and sell vast tracts of real property in Iran—providing renumeration to the Government of Iran in the process. Recognizing that the contract was illegal and unenforceable under the ITSR, the California court nonetheless fashioned an equitable remedy under state authority permitting equitable enforcement of an illegal contract. The question presented is: Whether a state court may fashion an equitable remedy for enforcement of an illegal contract for services concerning blocked property prohibited by international trade sanctions regulations promulgated by the Executive to deter terrorism under the International Emergency Economic Powers Act.