Question: Jessie borrows $1,000 from Thomas and agrees to repay the money in 30 days. Thomas assigns the right to the $1,000 to Douglas Finance Co.

Jessie borrows $1,000 from Thomas and agrees to repay the money in 30 days. Thomas assigns the right to the $1,000 to Douglas Finance Co. Douglas sues Jessie. Jessie argues that she had agreed to pay the money only to Thomas and that when she and Thomas had entered into the transaction, there was no intention to benefit Douglas Finance Co. Are these objections valid?

Step by Step Solution

★★★★★

3.58 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

No While the assignment transaction involves a thi... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

131-L-B-L-C (864).docx

120 KBs Word File

Students Have Also Explored These Related Business Law Questions!

Q:

A borrower has borrows an amount L from the bank today and agrees to repay the loan by 5n monthly repayment made at the end of every month. You are given that The first repayment will be made 1...

Q:

To repay her gambling debts, Tsunade borrows money from Jiraiya. This 25-year loan is being paid off via level amortization payments made at the end of each quarter. The nominal annual interest rate...

Q:

Douglas Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal...

Q:

Jessie borrows $1,000 from Thomas and agrees to repay the money in 30 days. Thomas assigns the right to the $1,000 to Douglas Finance Co. Douglas sues Jessie. Jessie argues that she had agreed to pay...

Q:

Jessie borrows $2000 from Thomas and agrees to repay the money in 30 days. Thomas assigns the right to the $2000 to Douglas Finance Co. Douglas sues Jessie. Jessie argues that she had agreed to pay...

Q:

Jessie borrows $1,000 from Thomas and agrees to repay the money in 30 days. Thomas assigns the right to the $1,000 to Douglas Finance Co. Douglas sues Jessie. Jessie argues that she had agreed to pay...

Q:

Jessie borrows $1,000 from Thomas and agrees to repay the money in 30 days. Thomas assigns the right to the $1,000 to Douglas Finance Co. Douglas sues Jessie. Jessie argues that she had agreed to pay...

Q:

Jessie borrows $1,000 from Thomas and agrees to repay the money in 30 days. Thomas assigns the right to the $1,000 to Douglas Finance Co. Douglas sues Jessie . Jessie argues that she had agreed to...

Q:

Jessie borrows $ 1 , 0 0 0 from Thomas and agrees to repay the money in 3 0 days. Thomas assigns the right to the $ 1 , 0 0 0 to Douglas Finance Co . Douglas sues Jessie. Jessie argues that she had...

Q:

Jessie borrows $1,000 from Thomas and agrees to repay the money in 30 days. Thomas assigns the right to the $1,000 to Douglas Finance Co. Douglas sues Jessie. Jessie argues that she had agreed to pay...

Q:

Find the exact area of the surface obtained by rotating the given curve about the -axis. x = t3, y = t2, 0 t 1

Q:

Burns Company incurred the following costs during the year: direct materials $20 per unit; direct labor $14 per unit; variable manufacturing overhead $15 per unit; variable selling and administrative...

Q:

Education Tax Credits ( LO 7 . 5 ) In November 2 0 2 4 , Simon pays $ 1 , 0 0 0 to take a course to improve his job skills to qualify for a new position at work. Simon's employer reimbursed him for...

Q:

Community service You and a classmate are active in a community service organization where volunteers bring meals to people in need who lack transportation. To fulfill the requirements of your honor...

Q:

1. Does that mean the workers win the case? 2. Why not? 3. Do the workers get their jobs back?

Q:

Why wasnt it the cause of the strike?

Q:

Parker, the owner of certain unimproved real estate in Chicago, employed Adams, a real estate agent, to sell the property for a price of $250,000 or more and agreed to pay Adams a commission of 6...

Q:

Use the following information in answering questions 1 and 2 below. On April 5, the approximate yield for security A was 7.67%. The yield for security B on the same date was 6.09%. 1. The absolute...

Q:

using c++ for cygwin softeware Give user choices 1-7. If the user input other than 1-7, keep asking. Choices: 1. Transpose a 3x3 matrix Input :a 3x3 matrix Output print the 3x3 matrix and the...

Q:

View Policies Current Attempt in Progress Your brother has asked you for a loan and has promised to pay you $7,100 at the end of three years. If you normally invest to earn 8.50 percent per year, how...