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essentials of business law

Questions and Answers of Essentials of Business Law

Certain defenses can be used against an ordinary holder but are not effective against an HDC. What are these defenses called? Name four defenses that fall within this category. LO5
What requirements must an instrument meet to be negotiable? LO5
What are the requirements for attaining the status of a holder in due course (HDC)? LO5
What is the difference between signature liability and warranty liability? LO5
Certain defenses are valid against all holders, including HDCs. What are these defenses called? Name four defenses that fall within this category. LO5
Certain defenses can be used against an ordinary holder but are not effective against an HDC. What are these defenses called? Name four defenses that fall within this category. LO5
Indorsements. A check drawn by David for $500 is made payable to the order of Matthew and issued to Matthew. Matthew owes his landlord $500 in rent and transfers the check to his landlord with the
Question with Sample Answer—Negotiable Instruments.Muriel Evans writes the following note on the back of an envelope: “I, Muriel Evans, promise to pay Karen Marvin or bearer $100 on demand.” Is
Signature Liability. Marion makes a promissory note payable to the order of Perry. Perry indorses the note by writing “without recourse, Perry” and transfers the note for value to Steven.Steven,
Holder. Germanie Fequiere signed a note payable to BNC Mortgage. As security for the note, Fequiere signed a mortgage on certain real property. BNC indorsed the note in blank. Later, Chase Home
Negotiability. Michael Scotto borrowed $2,970 from Cindy Vinueza. Both of their signatures appeared at the bottom of a note that stated, “I Michael Scotto owe Cindy Vinueza $2,970(two thousand and
Case Problem with Sample Answer—Payable on Demand or at a Definite Time. Abby Novel signed a handwritten note that read, “Glen Gallwitz 1-8-2002 loaned me $5,000 at 6 percent interest a total of
Defenses. Thomas Klutz obtained a franchise from Kahala Franchise Corp. to operate a Samurai Sam’s restaurant.Under their agreement, Klutz could transfer the franchise only if he obtained
Defenses. Damion and Kiya Carmichael took out a loan from Ameriquest Mortgage Co. to refinance their mortgage.They signed a note to make monthly payments on the loan.Later, Deutsche Bank National
A Question of Ethics—Promissory Notes. Clarence Morgan, Jr., owned Easy Way Automotive, a car dealership in D’Lo, Mississippi. Easy Way sold a truck to Loyd Barnard, who signed a note for the
Business Law Critical Thinking Group Assignment.Peter Gowin was an employee of a granite countertop business owned by Joann Stathis. In November 2012, Gowin signed a promissory note agreeing to pay
What type of check does a bank agree in advance to accept when the check is presented for payment? LO1
When may a bank properly dishonor a customer’s check without being liable to the customer? LO2
What is electronic check presentment, and how does it differ from the traditional check-clearing process? LO4
What are the four most common types of electronic fund transfers? LO5
What type of check does a bank agree in advance to accept when the check is presented for payment? LO5
When may a bank properly dishonor a customer’s check without being liable to the customer? LO5
What is electronic check presentment, and how does it differ from the traditional check-clearing process? LO5
What are the four most common types of electronic fund transfers? LO5
Forged Checks. Roy Supply, Inc., and R. M. R. Drywall, Inc., had checking accounts at Wells Fargo Bank. Both accounts required all checks to carry two signatures—that of Edward Roy and that of
Question with Sample Answer—Customer Negligence.Gary goes grocery shopping and carelessly leaves his checkbook in his shopping cart. His checkbook, with two blank checks remaining, is stolen by
Spotlight on Embezzlement—Forged Drawers’Signatures. In December 1999, Spacemakers of America, Inc., hired Jenny Triplett as a bookkeeper. Triplett was responsible for maintaining the company
Bank’s Duty of Care. When Arnett Gertrude was diagnosed with cancer, she added her nephew, Jack Scriber, as an authorized signatory to her checking account. Before Gertrude died, Scriber wrote
Forged Drawers’ Signatures. Debbie Brooks and Martha Tingstrom lived together. Tingstrom handled their finances.For five years, Brooks did not look at any statements concerning her accounts. When
Case Problem with Sample Answer—Honoring Checks. Adley Abdulwahab (Wahab) opened an account on behalf of W Financial Group, LLC, with Wells Fargo Bank. Wahab was one of three authorized signers on
A Question of Ethics—Forged Signatures. From the 1960s, James Johnson served as Bradley Union’s personal caretaker and assistant, and was authorized by Union to handle his banking transactions.
Critical Legal Thinking. Since the 1990 revision of Article 4, a bank is no longer required to include the customer’s canceled checks when it sends monthly statements to the customer. A bank may
Business Law Critical Thinking Group Assignment.On January 5, Brian drafts a check for $3,000 drawn on Southern Marine Bank and payable to his assistant,Shanta. Brian puts last year’s date on the
Case Analysis Question. Go to Appendix I at the end of this text and examine the excerpt of Case No. 4, NBT Bank, N.A. v. First National Community Bank. Review and then brief the case, making sure
What is a security interest? Who is a secured party? What is a security agreement? What is a financing statement? LO1
What three requirements must be met to create an enforceable security interest? LO2
What is the most common method of perfecting a security interest under Article 9? LO3
If two secured parties have perfected security interests in the collateral of the debtor, which party has priority to the collateral on the debtor’s default? LO4
What rights does a secured creditor have on the debtor’s default? LO5
What is a security interest? Who is a secured party? What is a security agreement? What is a financing statement? LO2
What three requirements must be met to create an enforceable security interest? LO2
What is the most common method of perfecting a security interest under Article 9? LO2
If two secured parties have perfected security interests in the collateral of the debtor, which party has priority to the collateral on the debtor’s default? LO2
What rights does a secured creditor have on the debtor’s default? LO2
Priority Disputes. Redford is a seller of electric generators.He purchases a large quantity of generators from a manufacturer, Mallon Corp., by making a down payment and signing an agreement to pay
Question with Sample Answer—Perfection. Marsh has a prize horse named Arabian Knight. In need of working capital, Marsh borrows $5,000 from Mendez, who takes possession of Arabian Knight as
Spotlight on Radio Shack—Priorities. In June 1995, Michael and Debra Boudreaux, doing business as D&J Enterprises, Inc., bought a retail electronics store operated under a franchise from Radio
Case Problem with Sample Answer—Default.Primesouth Bank issued a loan to Okefenokee Aircraft, Inc. (OAI), to buy a plane. OAI executed a note in favor of Primesouth in the amount of $161,306.25,
Disposition of Collateral. PRA Aviation, LLC, borrowed $3 million from Center Capital Corp. to buy a Gates Learjet 55B.Center perfected a security interest in the plane. Later, PRA defaulted on the
Perfecting a Security Interest. Thomas Tille owned M.A.T.T. Equipment Co. To operate the business, Tille borrowed funds from Union Bank. For each loan, Union filed a financing statement that included
A Question of Ethics—Priorities. In 1995, Mark Denton cosigned on a $101,250 loan that First Interstate Bank (FIB) made to his friend Eric Anderson. Denton’s business assets—a mini-warehouse
Business Law Critical Thinking Group Assignment.Nick Sabol, doing business in the recording industry as Sound Farm Productions, applied to Morton Community Bank for a $58,000 loan to expand his
What is consideration? What is required for consideration to be legally sufficient? LO3
In what circumstances might a promise be enforced despite a lack of consideration? LO3
Does a minor have the capacity to enter into an enforceable contract? What does it mean to disaffirm a contract? LO3
Under what circumstances will a covenant not to compete be enforced? When will such covenants not be enforced? LO3
What is an exculpatory clause? In what circumstances might exculpatory clauses be enforced? When will they not be enforced? LO3
Contracts by Minors. Kalen is a seventeen-year-old minor who has just graduated from high school. He is attending a university two hundred miles from home and has contracted to rent an apartment near
Question with Sample Answer—Past Consideration.Daniel, a recent college graduate, is on his way home for the Christmas holidays from his new job. He gets caught in a snowstorm and is taken in by an
Past Consideration. Access Organics, Inc., hired Andy Hernandez to sell organic produce. Later, Hernandez signed an agreement not to compete with Access for two years following the termination of his
Spotlight on Arbitration Clauses—Unconscionable Contracts or Clauses. Roberto Basulto and Raquel Gonzalez, who did not speak English, responded to an ad on Spanish-language television sponsored by
Disaffirmance. J.T., a minor, is a motocross competitor. At Monster Mountain MX Park, he signed a waiver of liability to “hold harmless the park for any loss due to negligence.”Riding around the
Case Problem with Sample Answer—Unconscionable Contracts or Clauses. Geographic Expeditions, Inc. (GeoEx), which guided climbs up Mount Kilimanjaro, required climbers to sign a release to
Mental Incompetence. Dorothy Drury suffered from dementia and chronic confusion. When she became unable to manage her own affairs, including decisions about medical and financial matters, her son
Licensing Statutes. PEMS Co. International, Inc., agreed to find a buyer for Rupp Industries, Inc., for a commission of 2 percent of the purchase price, which was to be paid by the buyer. Using
A Question of Ethics—Promissory Estoppel. Claudia Aceves borrowed $845,000 from U.S. Bank to buy a home.Less than two years into the loan, she could no longer afford the monthly payments. The bank
Critical Legal Thinking. Are legalized forms of gambling, such as state-operated lotteries, consistent with a continuing public policy against the enforcement of gambling contracts?Why or why not?
Business Law Critical Thinking Group Assignment.Assume that you are a group of executives at a large software corporation. The company is considering whether to add covenants not to compete to its
In what types of situations might voluntary consent to a contract’s terms be lacking? LO1
What is the difference between a mistake of value or quality and a mistake of fact? LO2
What are the elements of fraudulent misrepresentation? LO3
What contracts must be in writing to be enforceable? LO4
What is parol evidence? When is it admissible to clarify the terms of a written contract? LO5
In what types of situations might voluntary consent to a contract’s terms be lacking? LO2
What is the difference between a mistake of value or quality and a mistake of fact? LO2
What are the elements of fraudulent misrepresentation? LO2
What contracts must be in writing to be enforceable? LO2
What is parol evidence? When is it admissible to clarify the terms of a written contract? LO2
Voluntary Consent. Jerome is an elderly man who lives with his nephew, Philip. Jerome is totally dependent on Philip’s support. Philip tells Jerome that unless Jerome transfers a tract of land he
Question with Sample Answer—Statute of Frauds.Gemma promises a local hardware store that she will pay for a lawn mower that her brother is purchasing on credit if the brother fails to pay the debt.
The Parol Evidence Rule. Evangel Temple Assembly of God leased a facility from Wood Care Centers, Inc., to house evacuees who had lost their homes in a hurricane. The lease stated that Evangel could
Case Problem with Sample Answer—Contract Involving Interests in Land. Mohammad Salim offered to sell a convenience store and gas station to Talat Solaiman and Sabina Chowdhury. The prospective
Mutual Mistake. When Steven Simkin divorced Laura Blank, they agreed to split their assets equally. They owned an account with Bernard L. Madoff Investment Securities estimated to be worth $5.4
Misrepresentation. Charter One Bank owned a fifteen-story commercial building. A fire inspector told Charter that the building’s drinking-water and fire-suppression systems were linked. Without
Statute of Frauds. Newmark & Co. Real Estate, Inc., contacted 2615 East 17 Street Realty, LLC, to lease certain real property on behalf of a client. Newmark e-mailed the landlord a separate agreement
The Parol Evidence Rule. Rimma Vaks and her husband, Steven Mangano, executed a written contract with Denise Ryan and Ryan Auction Co. to auction their furnishings.The six-page contract provided a
A Question of Ethics—Bilateral Mistake. On behalf of BRJM, LLC, Nicolas Kepple offered Howard Engelsen$210,000 for a parcel of land known as lot five on the north side of Barnes Road in Stonington,
Critical Legal Thinking. Describe the types of individuals who might be capable of exerting undue influence on others. (See page 313.)
Business Law Critical Thinking Group Assignment.Jason Novell, doing business as Novell Associates, hired Barbara Meade as an independent contractor. The parties orally agreed on the terms of
What is an assignment? What is the difference between an assignment and a delegation? LO1
In what situations is the delegation of duties prohibited? LO2
What factors indicate that a third party beneficiary is an intended beneficiary? LO3
How are most contracts discharged? LO4
What is a contractual condition, and how might a condition affect contractual obligations? LO5
What is an assignment? What is the difference between an assignment and a delegation? LO2
In what situations is the delegation of duties prohibited? LO2
What factors indicate that a third party beneficiary is an intended beneficiary? LO2
How are most contracts discharged? LO2
What is a contractual condition, and how might a condition affect contractual obligations? LO2
Third Party Beneficiaries. Wilken owes Rivera $2,000.Howie promises Wilken that he will pay Rivera the $2,000 in return for Wilken’s promise to give Howie’s children guitar lessons.Is Rivera an

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