Accounting Law.

Answers the following questions according to thoroughness as well as content and clarity. Needs to be detailed.

1) Jefferey takes a $20,000 loan from ABC bank to finance his new business. Jefferey and the bank agree that repayment would be in one lump payment of $20,880 due 120 days from execution of the loan documentation. Jefferey signs a negotiable promissory note with the terms as stated above. On the 120th day, ABC realized it could not find the Note and they could not remember if they actually had endorsed the Note.

If Jefferey pays the lender the $20,880 anyways, is it possible that someone could find the lost Note and present it for payment again? Why or why not?

2) Draft a promissory note for Bill Thompson to pay XYZ Bank for a loan in the amount of $10,000; interest at 4%, payments due on the 1st of each month.

3) Tim Smith gives his son Sammy a check that Tim aigned in order for Sammy to go buy school clothes for the upcoming year. On his way to the ma;;, Sammy is in a car accident and the Good Samaritan who assists Tommy after his injury finds the check on the ground outside Sammy's car. He takes the check and negotiates it in the amount of $300. Who suffers the loss on the check? Why not the other parties listed above?

4) Being upset with your business law professor at school, you decide to teach Minot State university a lesson. When your tuition payment is due, you write a "check" that meets all of the other elements for negotiability, on a white t-shirt with the details of the check on the front and "business Law Sucks" on the back. The check is written with dried cow blood and Minot is spelled "Mynaught" on the check as well. Minot State is nott amused, but decides to deposit the check anyway. Will they be successful? why or Why not?

5) You have a problem with the mechanic at your local garage. He contends that you owe $550 for your latest car bill, invoice 3045. You and him have argued back and forth and you are adamant that you owe only $300. Becoming so tired of the arguing back and forth, you send him a check for $425 with the words "payment in full, invoice 3045" in the memo line. The mechanic negotiates the check. Can the mechanic continue to seek the additinal $125 from you or not? Explain.

6) You find a check in a local park during your evening walk. The check is made payable to "John Smith or cash" and is in the amount of $250. What can you do to legally negotiate this check? Explain.

7) Timmy writes, "I owe Jimmy $10,000 for borrowing me money last week" on a piece of paper and signs and dates it. He then has Jimmy sign it as well. Is this instrument negotiable. why or why not?

8) Jimmy pays Tommy $700, via personal check, for fixing his radio controlled car. As soon as Jimmy gets home from picking up the car, he notices it does not work and no parts have been replaced. He immediately calls Tommy and tells him he wants his money back. He then calls his own Bank and puts a stop payment on the personal check. the next day, Jimmy looks online at his bank account and sees that the $700 check was cleared by Jimmy's bank 4 hours after he called and told them to place a stop payment on it. Jimmy wants his $700 back from somewhere? Who can Jimmy collect from and why?

10) A certificate of deposit in the amount of $100,000 from ABC Bank made payable to Jim and Tammi Johnson has matured. Jim Johnson goes into the bank and asks for the full payment. The bank says they cannot do that without Tammi's approval as well. Jim, needing the money quickly, says he will simply take his 50% of the proceeds and Tammi will come in tomorrow and collect the other 50%. Will this be allowed? Why or why not?