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Questions and Answers of Business Law

Should only banks and regulated financial institutions be allowed to issue ATM cards? Why or why not?
How else might the government regulate digital funds to reduce the potential for cyber laundering?
If the bank had shown that Robert had failed to take reasonable care in controlling access to the blank checks for his account, would the outcome in this case have been different? Why or why not?
Would the result in this case have been different if the bank had made Robert’s canceled checks available for review only online? Explain.
Does a bank have a duty to protect its customers from their own naïveté, as exemplified in this case by Dunn’s trusting someone he did not know with his bank account information? Why or why not?
How would electronic check presentment (to be discussed shortly) have affected the timeliness of the events in this case and ultimately the outcome?
How might the result in this case have been different if NBT had committed the encoding error and FNCB had suffered the loss?
If a bank warrants that the information it encoded on an item is correct and FNCB committed an error in encoding, then why did the court not hold FNCB liable for the amount of the check?
How long is a written stop-payment order effective? What else could RPM have done to prevent this check from being cashed?RPM Pizza, Inc., issued a check for $96,000 to Systems Marketing for an
What would happen if it turned out that RPM did not have a legitimate reason for stopping payment on the check?RPM Pizza, Inc., issued a check for $96,000 to Systems Marketing for an advertising
What are a bank’s obligations with respect to stale checks? Should Bank One have contacted RPM before paying the check? Why or why not?RPM Pizza, Inc., issued a check for $96,000 to Systems
Assume that Rierson’s indorsement on the check was a forgery. Would a court be likely to hold the bank liable for the amount of the check because it failed to verify the signature on the check? Why
Checks are usually three-party instruments. On what type of check, however, does a bank serve as both the drawer and the drawee? What type of check does a bank agree in advance to accept when the
Gary goes grocery shopping and carelessly leaves his checkbook in his shopping cart. His checkbook, with two blank checks remaining, is stolen by Dolores. On May 5, Dolores forges Gary’s name on a
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 check by mistake. On January 7, before Shanta
Yannuzzi has a checking account at Texas Bank. She frequently uses her access card to obtain cash from the bank’s automated teller machines. She always withdraws $50 when she makes a withdrawal,
Visiting Nurses Association of Telfair County, Inc. (VNA), maintained a checking account at Security State Bank in Valdosta, Georgia. Wanda Williamson, a VNA clerk, was responsible for making VNA
Cynthia Stafford worked as an administrative professional at Gerber & Gerber, P.C. (professional corporation), a law firm, for more than two years. During that time, she stole ten checks payable
In December 1999, Jenny Triplett applied for a bookkeeping position with Spacemakers of America, Inc., in Atlanta, Georgia. Spacemakers hired Triplett and delegated to her all responsibility for
In 1994, Brian and Penny Grieme bought a house in Mandan, North Dakota. They borrowed for the purchase through a loan program financed by the North Dakota Housing Finance Agency (NDHFA).The Griemes
Go to Case 27.3, NBT Bank, N.A.v. First National Community Bank, 393 F.3d 404 (3d Cir.2004), on pages 559–560. Read the excerpt and answer the following questions.(a) Issue: The main issue in this
From the 1960s, James Johnson served as Bradley Union’s personal caretaker and assistant, and was authorized by Union to handle his banking transactions. Louise Johnson, James’s wife, wrote
Should some persons be exempt from garnishment orders? Explain.
How significant should the court have found the omission of the word personal from the guaranty? Explain your answer.
If Hene had misled Kennedy into believing he was signing the guaranty only in his capacity as an officer of JSV, how might the result in this case have been different?
Can Executive Aviation establish an artisan’s lien on the plane? Why or why not?Air Ruidoso, Ltd., operated a commuter airline and air charter service between Ruidoso, New Mexico, and airports in
Suppose that Executive Aviation files a lawsuit in court against Air Ruidoso for the $10,000 past-due debt. What two methods discussed in this chapter would allow the court to seize Air Ruidoso’s
Suppose that Executive Aviation discovers that Air Ruidoso has sufficient assets in one of its bank accounts to pay the past-due amount. How might Executive Aviation attempt to obtain access to these
Suppose that a clause in the contract between Air Ruidoso and Executive Aviation provides that “if the airline becomes insolvent, Braden Fasco, the chief executive officer of Air Ruidoso, agrees to
Sylvia takes her car to Caleb’s Auto Repair Shop. A sign in the window states that all repairs must be paid for in cash unless credit is approved in advance. Sylvia and Caleb agree that Caleb will
Kanahara is employed part-time by the Cross-Bar Packing Corp. and earns take-home pay of $400 per week. He is $2,000 in debt to the Holiday Department Store for goods purchased on credit over the
Natalie is a student at Slippery Stone University. In need of funds to pay for tuition and books, she asks West Bank for a short-term loan. The bank agrees to make a loan if Natalie will have someone
Grant is the owner of a relatively old home valued at $45,000. He notices that the bathtubs and fixtures in both bathrooms are leaking and need to be replaced. He contracts with Jane’s Plumbing to
In 1988, Jamieson-Chippewa Investment Co. entered into a five-year commercial lease with TDM Pharmacy, Inc., for certain premises in Ellisville, Missouri, on which TDM intended to operate a small
Susan Guinta is a real estate salesperson. Smythe Cramer Co. went to an Ohio state court and obtained a garnishment order to attach Guinta’s personal earnings. The order was served on Russell
Karen and Gerald Baldwin owned property in Rapid City, South Dakota, which they leased to Wyoming Alaska Corp. (WACO) for use as a gas station and convenience store. The lease obligated the Baldwins
In 1981, in Troy, Ohio, Willis and Mary Jane Ward leased a commercial building to Buckeye Pizza Corp. to operate a pizza parlor. Two years later, Buckeye assigned its interest in the building to
In 2004 and 2005, Kent Avery, on behalf of his law firm—the Law Office of Kent Avery, LLC—con—tracted with Marlin Broadcasting, LLC, to air commercials on WCCC-FM, 106.9 “The Rock.” Avery,
In January 2003, Gary Ryder and Washington Mutual Bank, F. A., executed a note in which Ryder promised to pay $2,450,000, plus interest at a rate that could vary from month to month. The amount of
Under what circumstances might a financing statement be considered effective even if it does not identify the debtor correctly?
In most Latin American countries, a person’s surname consists of the father’s name followed by the mother’s name. Should this fact have changed the result in this case? Why or why not?
Motor vehicles can be moved easily from one jurisdiction to another. Is it likely that the result would have been different if the Murphys and Laxton had purchased the vehicles in, say, Canada? Why
Would the outcome in this case have been affected if the title certificates had been filed in a database that could be accessed online? Explain.
If Bank One had refused to negotiate with Johnson and Layne, and had sold their stock as soon as their loans were in default, would the result in this case have been different? Why or why not?
Should a court’s scrutiny of the price paid for collateral be different when the purchaser is the secured party or someone related to the secured party? Explain.
For which of Barton’s purchases (the surround-sound system, the kayak, the 4-Runner, and the six iMacs) would the creditor need to file a financing statement to perfect its security interest?Paul
Suppose that Barton’s contract for the office computers mentioned only the name Brighton Homes. What would be the consequences if KDM Electronics filed a financing statement that listed only
Which of these purchases would qualify as a PMSI in consumer goods?Paul Barton owned a small property-management company, doing business as Brighton Homes. In October, Barton went on a spending
Suppose that after KDM Electronics repossesses the surround-sound system, it decides to keep the system rather than sell it. Can KDM do this under Article 9? Why or why not?Paul Barton owned a small
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 make the balance of
Marsh has a prize horse named Arabian Knight. Marsh is in need of working capital. She borrows $50,000 from Mendez, who takes possession of Arabian Knight as security for the loan. No written
Delgado is a retail seller of television sets. He sells a color television set to Cummings for $600. Cummings cannot pay cash, so she signs a security agreement, paying $100 down and agreeing to pay
When a customer opens a credit-card account with Sears, Roebuck & Co., the customer fills out an application and sends it to Sears for review; if the application is approved, the customer
PC Contractors, Inc., was an excavating business in Kansas City, Missouri. Union Bank made loans to PC, subject to a perfected security interest in its equipment and other assets, including
In St. Louis, Missouri, in August 2000, Richard Miller orally agreed to loan Jeff Miller $35,000 in exchange for a security interest in a 1999 Kodiak dump truck. The Millers did not put anything in
In 2002, Michael Sabol, doing business in the recording industry as Sound Farm Productions, applied to Morton Community Bank in Bloomington, Illinois, for a $58,000 loan to expand his business.
Go to Case 29.1, Corona Fruits & Veggies, Inc. v. Frozsun Foods, Inc., 143 Cal.App.4th 319, 48 Cal.Rptr.3d 868 (2 Dist., Div. 6 2006), on pages 592–594. Read the excerpt and answer the following
In 1995, Mark Denton cosigned a $101,250 loan that the First Interstate Bank (FIB) in Missoula, Montana, issued to Denton’s friend Eric Anderson. Denton’s business assets—a mini-warehouse
Go to this text’s Web site at academic. cengage.com/blaw/clarkson and select “Chapter 29.” Click on “Video Questions” and view the video titled Secured Transactions. Then answer the
Is it fair for the court to treat retirement contributions differently depending on a person’s age?
Is it likely to have made a difference to the result in this case that the debtor’s retirement contributions were automatically and electronically deducted from her pay? Explain.
Should a debtor be required to attempt to negotiate a repayment plan with a creditor to demonstrate good faith? Why or why not?
If this debtor were to relocate to a country with a lower cost of living than the United States, should his change in circumstances be a ground for revoking the discharge? Explain your answer.
If AAHF had lost its defamation suit against the Buises, would the result in this case have been the same? Why or why not?
Could the Buises have shipped their assets to Canada or Mexico to prevent them from being included in the bankruptcy estate? Explain.
Under the Bankruptcy Code after the 2005 act, what must Janet do before filing a petition for relief under Chapter 7?Three months ago, Janet Hart’s husband of twenty years died of cancer. Although
How much time does Janet have after filing the bankruptcy petition to submit the required schedules? What happens if Janet does not meet the deadline?Three months ago, Janet Hart’s husband of
Assume that Janet files a petition under Chapter 7. Further assume that the median family income in the state in which Janet lives is $49,300. What steps would a court take to determine whether
Suppose that the court determines that no presumption of substantial abuse applies in Janet’s case. Nevertheless, the court finds that Janet does have the ability to pay at least a portion of the
Burke has been a rancher all her life, raising cattle and crops. Her ranch is valued at $500,000, almost all of which is exempt under state law. Burke has eight creditors and a total indebtedness of
Peaslee is not known for his business sense. He started a greenhouse and nursery business two years ago, and because of his lack of experience, he soon was in debt to a number of creditors. On
Montoro petitioned himself into voluntary bankruptcy. There were three major claims against his estate. One was made by Carlton, a friend who held Montoro’s negotiable promissory note for $2,500;
On January 22, 2001, Marlene Moffett bought a used 1998 Honda Accord from Hendrick Honda in Woodbridge, Virginia. Moffett agreed to pay $20,024.25, with interest, in sixty monthly installments, and
Between 1980 and 1987, Craig Hanson borrowed funds from Great Lakes Higher Education Corp. to finance his education at the University of Wisconsin. Hanson defaulted on the debt in 1989, and Great
Between 1988 and 1992, Lorna Nys took out thirteen student loans, totaling about $30,000, to finance an associate of arts degree in drafting from the College of the Redwoods and a bachelor of arts
James Stout, a professor of economics and business at Cornell College in Iowa City, Iowa, filed a petition in bankruptcy under Chapter 7, seeking to discharge about $95,000 in credit-card debts. At
Rhonda Schroeder married Gennady Shvartsshteyn (Gene) in 1997. Gene worked at Royal Courier and Air Domestic Connect in Illinois, where Melissa Winyard also worked in 1999 and 2000. During this time,
In October 1994, Charles Edwards formed ETS Payphones, Inc., to sell and lease pay phones as investment opportunities—an investor would buy a phone from ETS, which would lease it back. ETS promised
Go to this text’s Web site at academic. cengage.com/blaw/clarkson and select “Chapter 30.” Click on “Video Questions” and view the video titled The River. Then answer the following
Building contractors and subcontractors are typically classified as independent contractors. Could payments to these parties also fall within the definition of earnings applied in this case? Discuss.
Suppose that Alberty had been a full-time, hourly worker and that such status was common among television hosts, but WIPR had manipulated the benefits and tax withholdings to favor
Would Alberty have been defined as an employee if she had been a foreign correspondent who reported on stories from international locations and WIPR had paid her travel and related expenses? Explain.
Suppose that Motorsport’s sales manager had telephoned Marsha Wiedmaier. Further suppose that Marsha had vouched for Michael’s creditworthiness but informed Motorsport that she and her husband
Should the court have applied the law differently in this case if Michael had done business with Motorsport entirely online? Explain.
Was the specific exchange rate that the bank used important to the disposition of this case? Explain.
Should the court have considered whether the bank had a corrupt intent to deprive its customer of funds? Why or why not?
Who is the principal, and who is the agent in this scenario? By which method was an agency relationship formed between Scott and Blatt?James Blatt hired Marilyn Scott to sell insurance for the
What facts would the court consider the most important in determining whether Scott was an employee or an independent contractor?James Blatt hired Marilyn Scott to sell insurance for the
How would the court most likely rule on Scott’s employee status?James Blatt hired Marilyn Scott to sell insurance for the Massachusetts Mutual Life Insurance Co. Their contract stated, “Nothing
Which of the four duties that Blatt owed Scott in their agency relationship has probably been breached?James Blatt hired Marilyn Scott to sell insurance for the Massachusetts Mutual Life Insurance
Paul Gett is a well-known, wealthy financial expert. Adam Wade, Gett’s friend, tells Timothy Brown that he is Gett’s agent for the purchase of rare coins and shows Brown a local newspaper
Peter hires Alice as an agent to sell a piece of property he owns. The price is to be at least $30,000. Alice discovers that the fair market value of Peter’s property is actually at least $45,000
Ankir is hired by Jamison as a traveling salesperson. Ankir not only solicits orders but also delivers the goods and collects payments from his customers. Ankir deposits all payments in his private
Ford Motor Credit Co. is a subsidiary of Ford Motor Co. with its own offices, officers, and directors. Ford Credit buys contracts and leases of automobiles entered into by dealers and consumers. Ford
Sam and Theresa Daigle decided to build a home in Cameron Parish, Louisiana. To obtain financing, they contacted Trinity United Mortgage Co. At a meeting with Joe Diez on Trinity’s behalf, on July
Josef Boehm was an officer and the majority shareholder of Alaska Industrial Hardware, Inc. (AIH), in Anchorage, Alaska. In August 2001, Lincolnshire Management, Inc., in New York, created AIH
In July 2001, John Warren viewed a condominium in Woodland Hills, California, as a potential buyer. Hildegard Merrill was the agent for the seller. Because Warren’s credit rating was poor, Merrill
Su Ru Chen owned the Lucky Duck Fortune Cookie Factory in Everett, Massachusetts, which made Chinese-style fortune cookies for restaurants. In November 2001, Chen listed the business for sale with
Emergency One, Inc. (EO), makes fire and rescue vehicles. Western Fire Truck, Inc., contracted with EO to be its exclusive dealer in Colorado and Wyoming through December 2003. James Costello, a
Go to this text’s Web site at academic. cengage.com/blaw/clarkson and select “Chapter 31.” Click on “Video Questions” and view the video titled Fast Times at Ridgemont High. Then answer the

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