Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alpha orally appointed Omega as his agent to find and purchase for him a 1930 Dodge automobile in good condition, and Omega located such a

Alpha orally appointed Omega as his agent to find and purchase for him a 1930 Dodge automobile in good condition, and Omega located such a car. Its owner, Roe, agreed to sell and deliver the car on January 10, 2008, for $9,000. To evidence the purchase price, Omega mailed to Roe the following instrument: December 1, 2007 $9,000.00 We promise to pay to the order of bearer Nine Thousand Dollars with interest from date of this instrument on or before January 10, 2008. This note is given in consideration of John Roe's transferring title to and possession of his 1930 Dodge automobile. (Signed) Omega, agent Smith stole the note from Roe's mailbox, indorsed Roe's name on the note, and promptly discounted it with Sunset Bank for $8,700. Not having received the note, Roe sold the car to a third party. On January 10, the bank, having discovered all the facts, demanded payment of the note from Alpha and Omega. Both refused payment. a. What are Sunset Bank's rights with regard to Alpha and Omega? b. What are Sunset Bank's rights with regard to Roe and Smith?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Crypto Asset Investing In The Age Of Autonomy

Authors: Jake Ryan

1st Edition

1119705363, 978-1119705369

More Books

Students also viewed these Finance questions