Peter Gowin was an employee of a granite countertop business owned by Joann Stathis. In November 2015,
Question:
(a) The first group will formulate an argument in favor of Stathis that Gowin did not own any interest in the business because he had never paid the $ 12,500.
(b) The second group will evaluate the strength of Gowin’s argument. Gowin claimed that because compliance with the stated dates was impossible, the note effectively did not state a date for its payment and therefore was a demand note under UCC 3– 108(a). Because no demand for payment had been made, Gowin argued that his obligation to pay had not arisen and the termination of his ownership interest in the granite business was improper.
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Business Law Text and Cases
ISBN: 978-1285185248
13th edition
Authors: Kenneth Clarkson, Roger LeRoy Miller, Frank Cross
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