Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this is the question in my life skills assignment 1: In the morning of November 1st, Maggie Grimes wrote a check for $1,000.00 payable to

this is the question in my life skills assignment 1:

In the morning of November 1st, Maggie Grimes wrote a check for $1,000.00 payable to cash. She put it in her purse, and drove over to the supermarket to do some groceries, after the supermarket she planned on going to the bank to cash the check. While at the supermarket Maggies cellphone rings, she looks inside her purse, takes out her cellphone, while she is taking it out, and unbeknownst to her, the check she wrote earlier fell out of her purse. Maggie continues doing groceries without realizing anything about the check. Glenn, who was also doing groceries, walks through the aisle that Maggie was just in, sees the check on the floor, and puts it in his pocket. Glenn owes Carol $1,000.00, so he decides he is going to use the check he has to pay off his debt to Carol. Glenn gives the check to Carol, Carol endorses the check on the back as follows: For deposit only, [Signed] Carol Judith, and deposits it into her bank account. You must focus on the following issues:

Is the check a bearer instrument or an order instrument?

Did Glenns delivery of the check to Carol constitute a valid negotiation? Why or why not?

What type of instrument did Carol make after endorsing the check?

Is Carol or Glenn a bona fide purchaser in this case? What legal significance does this would have?

If Maggie sues Carol and Glenn, does Maggie have the right to recover the $1,000.00 from Carol and/or from Glenn? Explain all theories on which Maggie could recover from Carol and/or Glenn as well as Carol and/or Glenns potential defenses against Maggie.

This is the question i want to be answered:

This is your second Life Skills Assignment. In order to receive credit for this assignment, you must use the format provided below in order to brief (summarize) two of the cases that you found to be on point in this case in your Life Skills Assignment #1.

Format to be used for Briefs (You must divide your briefs into these sections):

1. Case title & citation

2. Issue (a combination of the key facts and the legal question the court is being asked to decide in the case)

3. Rule (the law that court identifies as applicable to the case)

4. Application (how does the court apply the law to the facts and issue in the case)

5. Conclusion (a brief statement of the case outcome)

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

Financial Management Principles And Practice

Authors: Timothy Gallagher

6th Edition

1930789157, 978-1930789159

More Books

Students also viewed these Finance questions

Question

Discuss briefly the advantages and disadvantages of a CFD contract.

Answered: 1 week ago