Answered step by step
Verified Expert Solution
Question
1 Approved Answer
BBA 339 commercial transaction QUESTION 4 30 points Save Answer Tony (issuer) gave a check to Gabriel for $1500 as payment for dog watching her
BBA 339 commercial transaction
QUESTION 4 30 points Save Answer Tony (issuer) gave a check to Gabriel for $1500 as payment for dog watching her poodle for two weeks. The front of the check states pay to the order of Gabriel and Tony signed the front righthand corner of the check on the back of the check Gabriel writes," pay to the Order of Sharon," signs his name and then gives the check to Sharon in payment for his apartment rent Underneath Gabriel's signature Sharon writes, pay to the order of Lark Fuel Company, signs her own name and gives the check Lark Fuel Company for the oil it supplied to Sharon's apartment building. Gabriel and Sharon are both indorers. This is the chain of ownership on the check: 1)Tony (issuer) 2) Gabriel (indorser/tenant) 3) Sharon ( landlord) 4) Lark's Fuel Company (oil supplier) Questions 1) If Tony refuses to pay Lark Fuel Company, can Lark demand payment from Sharon or Gabriel? Eplain your answer with rule 2) If Sharon pays Lark Fuel Company, can Sharon demand payment Gabriel? Explain your answer with the rule. 3) If however, Gabriel pays Lark, can he go after Sharon? Explain your answer with the rule Explain your answers with the rule of law (e.g. Indorser being secondary liable etc.) QUESTION 4 30 points Save Answer Tony (issuer) gave a check to Gabriel for $1500 as payment for dog watching her poodle for two weeks. The front of the check states pay to the order of Gabriel and Tony signed the front righthand corner of the check on the back of the check Gabriel writes," pay to the Order of Sharon," signs his name and then gives the check to Sharon in payment for his apartment rent Underneath Gabriel's signature Sharon writes, pay to the order of Lark Fuel Company, signs her own name and gives the check Lark Fuel Company for the oil it supplied to Sharon's apartment building. Gabriel and Sharon are both indorers. This is the chain of ownership on the check: 1)Tony (issuer) 2) Gabriel (indorser/tenant) 3) Sharon ( landlord) 4) Lark's Fuel Company (oil supplier) Questions 1) If Tony refuses to pay Lark Fuel Company, can Lark demand payment from Sharon or Gabriel? Eplain your answer with rule 2) If Sharon pays Lark Fuel Company, can Sharon demand payment Gabriel? Explain your answer with the rule. 3) If however, Gabriel pays Lark, can he go after Sharon? Explain your answer with the rule Explain your answers with the rule of law (e.g. Indorser being secondary liable etc.)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started