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Introduction To Business Law 3rd Edition Jeff Rey F. Beatty, Susan S. Samuelson - Solutions
Did the nephew give consideration for the uncle’s promise?
Why does it matter whether the note was negotiable?
How would you rule in this case?
Why was the note in this case not negotiable?
Matching Questions___ A. Fraud___ B. Restitution___ C. Part performance___ D. Exculpatory clause___ E. Unconscionable1. A contract clause intended to relieve one party from potential tort liability2. A contract provision that no one would sign who understood it3. The intention to deceive the other
TRUE/FALSE 1. A contract may not be rescinded based on puffery.2. An agreement for the sale of a house does not need to be in writing if the deal will be completed within one year.3. Noncompete clauses are suspect because they tend to restrain free trade.4. A seller of property must generally
1. Is this ruling fair?2. Should American Express have realized there was a problem when it received checks payable to Amerex? Similarly, should the Metropolitan Opera Company have wondered why it got checks made out to “Metropolitan Oprtg. Co.”?
Multiple Choice Question1. In which case is a court most likely to enforce an exculpatory clause?A. DentistryB. Hang glidingC. Parking lotD. Public transportationE. Accounting2. Sarah, age 17, uses $850 of her hard-earned, summer-job money to pay cash for a diamond pendant for the senior prom. She
To be negotiable, what must a note look like?
Brockwell left his boat to be repaired at Lake Gaston Sales. The boat contained electronic equipment and other personal items. Brockwell signed a form stating that Lake Gaston had no responsibility for any loss to any property in or on the boat. Brockwell’s electronic equipment was stolen and
Guyan Machinery, a West Virginia manufacturing corporation, hired Albert Voorhees as a salesman and required him to sign a contract stating that if he left Guyan, he would not work for a competing corporation anywhere within 250 miles of West Virginia for a two-year period. Later, Voorhees left
1. Was this note in writing?2. Was it signed by Blasco?3. Did it contain an unconditional promise or order to pay?4. Presumably Blasco knew the amount of the check, after all she wrote it. Why then did she sue saying the check was not negotiable?
ETHICS: Richard and Michelle Kommit traveled to New Jersey to have fun in the casinos. While in Atlantic City, they used their MasterCard to withdraw cash from an ATM conveniently located in the “pit,” which is the gambling area of a casino. They ran up debts of $5,500 on the credit card and
The McAllisters had several serious problems with their house, including leaks in the ceiling, a buckling wall, and dampness throughout. They repaired the buckling wall by installing I-beams to support it. They never resolved the leaks and the dampness. When they decided to sell the house, they
Why the different requirement for negotiation?
Lonnie Hippen moved to Long Island, Kansas, to work at an insurance company owned by Griffiths. After he moved there, Griffiths offered to sell Hippen a house he owned and Hippen agreed in writing to buy it. He did buy the house and moved in, but two years later, Hippen left the insurance company.
1. What legal argument is Joe making?2. Isn’t it pretty sleazy of Joe to engage in illegal and immoral activity, run up a bill for it, and then try to get out on a legal technicality?3. What is the lesson for credit card companies?
1. What are the requirements for a holder in due course?2. Why are holders in due course entitled to this special treatment?
Why are illegal contracts unenforceable?
Joe’s argument is similar to that made by Soheil Sadri, the California resident described in the chapter. Sadri refused to pay a $22,000 gambling debt to a Nevada casino. Isn’t it unfair to allow someone to participate, on credit, in gambling or prostitution, and then refuse to pay a debt by
Was the note that the Gazdas singed a negotiable instrument?
What will the outcome be?
The insurance agent sold this policy. Shouldn’t the agent, or the company, be expected to know the law? Why not hold them to the deal they made?
Were American Express and the Metropolitan Opera holders in due course?
Considering Jim’s interest in his trade secrete, how could he have drafted a legally enforceable restrictive covenant?
Is this result fair?
In what way does the agreement injure the public?
Students should assume that they are partners in a bakery in St. Louis, Missouri, that specializes in exotic, expensive pastries. The business has grown quickly in its first four years, and now sells its products to stores and restaurants throughout Missouri, Illinois, and Iowa. Sandra has applied
Make an argument for the taxi company and its passengers that Hertz’s insurance coverage did apply.
The Garrotts knew perfectly well that Rodney should not be driving. Even without reading the contract, they could have guessed that a drunk, unlicensed driver did not have permission to use the car. Further, both driving without a license and drunk driving are serious violations of the law. Why
If you received such a promissory note in the mail, what difficulties might you have in enforcing it? Are you a millionaire?
Who should win and why?
Should the concept of holder in due course be eliminated?
1. What is an exculpatory clause?2. What are the two competing interest the court says are at play when reviewing an exculpatory clause?
Why in this case did the court find that the exculpatory clause was invalid?
1. What was going on in this case?2. Why didn’t Sterling keep the note that Mary Johnson signed?3. Why did Mayflower and the Lender think they could enforce a note that contained this language?
What was the Dissent’s point?
1. This case focuses on the difference between ordinary negligence and gross negligence. What is the difference?2. What did the lease say?
Was this check a negotiable instrument? Was it for a definite amount?
Make an argument that the exculpatory clause was fair.
Make an argument that the exculpatory clause is not fair.
Was the lender a holder in due course?
1. What is an “unconscionable” contract?2. What legal issue is Standish raising?3. What elements make a statement fraudulent?4. If Standish’s claims are accurate, did Schwartz commit fraud?
Match the following terms with their definitions:___ A. Attachment___ B. BIOC___ C. Perfection___ D. PMSI___ E. Priority1. Someone who buys goods in good faith from a seller who deals in such goods2. Steps necessary to make a security interest valid against the whole world3. A security interest
What are the two factors that courts most often look at in deciding whether a contract is unconscionable?
Evaluate the Klopp case in terms of those two criteria.
True or False:1. A party with a perfected security interest takes priority over a party with an unperfected interest.2. A buyer in ordinary course of business takes goods free of an unperfected security interest, but does not take them free of a perfected security interest.3. When a debtor
1. What two legal issues has Sun raised in support of her claim that the prenuptial agreement is invalid?2. Since Fimbel did not state whether the land was suitable for building, why was his behavior considered deceptive or fraudulent?
What is the basis of her claim of duress?
(Multiple Choice)1. CPA QUESTION: Under the UCC Secured Transactions Article, perfection of a security interest by a creditor provides added protection against other parties in the event the debtor does not pay its debts. Which of the following parties is not affected by perfection of a security
What is the basis of Sun’s claim of undue influence?
Who should win?
The Copper King Inn, Inc., had money problems. It borrowed $62,500 from two of its officers, Noonan and Patterson, but that did not suffice to keep the inn going. So Noonan, on behalf of Copper King, arranged for the inn to borrow $100,000 from Northwest Capital, an investment company that worked
Sears sold a lawn tractor to Cosmo Fiscante for $1,481. Fiscante paid with his personal credit card. Sears kept a valid security interest in the lawnmower but did not perfect. Fiscante had the machine delivered to his business, Trackers Raceway Park, the only place he ever used the machine. When
The Dannemans bought a Kodak copier worth over $40,000. Kodak arranged financing by GECC and assigned its rights to that company. Although the Dannemans thought they had purchased the copier on credit, the papers described the deal as a lease. The Dannemans had constant problems with the machine
Did Expeditors have a security interest in Everex’s goods?
Make an argument that Expeditors did have a security interest in the goods.
The court was unpersuaded by Expeditors’ arguments because of one basic issue. What was it?
Expeditors thought-or dreamed-that it had a security interest, but the invoices failed to achieve that goal, and the company never obtained its money. How should Expeditors have protected itself?
Did Corona correctly file its financing statement?
If Corona knew Armando Munoz Juarez’ last name was Juarez, why didn’t they use that in their UCC-1 filing?
Did the bank have a perfected security interest in the property?
Had DeClark never mentioned his desire to build, what would Fimbel’s duty to disclose have been?
Litigating the case above to the appellate level cost all parties a great deal of time and money. How could the bank have avoided the problem in the first place?
Make an argument against disclosure.
Make an argument in favor of disclosure.
Was Star’s filing adequate?
There are six contracts that generally must be in writing in order to be enforced. What are they?
1. What is the purpose of the statute of frauds?2. Why have these six contracts historically been included in the statute of frauds?3. A seller and buyer enter into an oral contract for the sale of land. Is the con-tract void?
Did Marine violate its duty to use reasonable care concerning the collateral?
What is the difference between an unenforceable contract and a void contract?
Is it still true today that the most valuable contracts must be in writing?
Make an argument for Marine Midland that the bank took reasonable care of the collateral.
1. What is a life interest?2. What argument did the Daves make based on courtroom testimony?3. Did the Daves make any other arguments based on other evidence?4. This seems like good evidence that there was an agreement to sell the property. Why doesn’t the court agree?
Isn’t it unethical for Baker not to follow through with her promise?
The court is unpersuaded by these arguments. Why?
1. According to the court, what kind of oral agreement would have been enforce-able?2. Wior did not want to leave his home and job without assurance of long-term employment. What should he have done?3. Wouldn’t Anchor be reluctant to give a new, untested employee such a long con-tract?
Would the result have been different if it had been Huther’s Uncle Bob holding the stock as collateral?
Then why bother to ask for the writing?
Assume that Anchor declined to give a long-term written contract, and also that Wior understood the statute of frauds. Could he have said, “OK, just give me your oral promise that I’ve got a job until I die”? Would that have worked?
The security agreement fully described the collateral. It said nothing about the bank converting the debentures. Was the bank liable for failing to convert?
1. This case raises two issues under the statute of frauds. What are they?2. Didn’t Mills agree to pay Sawyer $10,000 for ten years?3. What about the checks that Sawyer received? Doesn’t nine months of checks constitute a “writing”?
The court held that the contract, together with the check, satisfied the writing requirement. Was the writing clear and complete?
Should the bank be required to sell shares when they decline, to preserve the collateral?
Is it fair that he can make that promise then not honor it?
What is missing from each fax?
1. The Lees’ argument is far more persuasive. Common sense tells me they should win and I thought the UCC tried to create reasonable, sensible results. Why Conseco win?2. What does §9-320 provide?
Natalie and Butch both refuse to go through with their agreements, and Antonia sues both. Who will win her suit against Natalie?
Who will win Antonia’s suit against Butch?
1. Did the seller—New World R.V. Inc.—create this security interest?2. Did New World still hold Williams’ debt when the Lees purchased the RV?3. So although New World was an original party to Williams’ security interest, §9-320 does not apply because New World did not create the interest.
Was the noncompetition agreement valid?
1. What does that mean? 2. Does that leave the Lees without any legal remedy?
1. First, some basics about priorities among creditors. On January 5, Andrew took a security interest in Danielle’s entire inventory but did not perfect. On February 5, Peggy took a security interest in the same inventory and perfected the same day. On March 5, Danielle defaults on all
What are the requirements for a PMSI to take priority over an earlier perfected interest?
Why is conciseness important, and what techniques can be used to achieve it?
Match the following terms with the correct description:___ A. Fresh start___ B. Fraudulent transfer___ C. Exempt property___ D. Reaffirmation___ E. Voidable preference1. Property individual debtors can keep for themselves2. Debtors are not liable for money owed before the filing3. Debtor’s
Would you advise the culinary chef to be direct with her ideas? What advice can you give for improving the directness and readability of a business message?
Was the exculpatory clause valid?
True or False:1. One of the primary goals of the Code is to punish the debtor.2. Each of the Code’s chapters has one of two objectives—rehabilitation or liquidation.3. A creditor is not permitted to force a debtor into bankruptcy.4. The bankruptcy court issues an order for relief to give the
Make an argument for Hertz that its insurance coverage did not apply to this accident.
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