Essentials of Business Law and the Legal Environment 12th edition Richard A. Mann, Barry S. Roberts - Solutions

Halbman, a minor, purchased a 2010 Mercury from Lemke for $11,250. Under the terms of the contract, Halbman would pay $1,000 down and the balance in $250 weekly installments. Halbman purchased the car as a way to get around and have some fun. Upon making the down payment, Halbman received
Jones, a minor, owned a 2013 automobile. She traded it to Stone for a 2014 car. Jones went on a three-week trip and found that the 2014 car was not as good as the 2013 car. She asked Stone to return the 2013 car but was told that it had been sold to Tate, who did not know that the car had been
Ira, who in 2012 had been found not guilty of a criminal offense because of insanity, was released from a hospital for the criminally insane during the summer of 2013 and since that time has been a reputable and well-respected citizen and businessperson. On February 1, 2014, Ira and Shirley entered
In a contract drawn up by Goldberg Company, it agreed to sell and Edwards Contracting Company agreed to buy wood shingles at $650. After the shingles were delivered and used, Goldberg Company billed Edwards Company at $650 per bunch of nine hundred shingles. Edwards Company refused to pay because
Enrique Gittes was a financial consultant for NCC, an English holding company that invested capital in other businesses in return for a stake in those businesses. One of NCC's investments was a substantial holding in Simplicity Pattern Company. Gittes's consulting contract was subsequently
Rachel leased an apartment to Bertha for a one-year term beginning May 1, at $800 a month, "payable in advance on the first day of each and every month of said term." At the time the lease was signed, Bertha told Rachel that she received her salary on the tenth of the month, and that she would be
Ann bought a car from the Used Car Agency (Used) under a written contract. She purchased the car in reliance on Used's agent's oral representations that it had never been in a wreck and could be driven at least two thousand miles without adding oil. Thereafter, Ann discovered that the car had, in
In late 2011 or early 2012, the plaintiff, Lan England, agreed to sell 258,363 shares of stock to the defendant, Eugene Horbach, for $2.75 per share, for a total price of $710,498.25. Although the purchase money was to be paid in the first quarter of 2012, the defendant made periodic payments on
Dickinson orders one thousand widgets at $5.00 per widget from International Widget to be delivered within sixty days. After the contract is consummated and signed, Dickinson orally requests that International deliver the widgets within thirty days rather than sixty days. International agrees. Is
Justin told Jennifer he wished to buy Jennifer's collection of antique watches. He told Jennifer he wanted to take the watches to his partner for evaluation. Justin then left with the watches and never returned. Justin sold the watches in another state to Thomas and gave him a bill of sale. Can
Farber owned a quantity of corn that was stored in a corncrib located on Farber's farm. On March 12, Farber wrote a letter to Barber stating that he would sell to Barber all of the corn in this crib, which Barber estimated at between nine hundred and one thousand bushels, for $3.60 per bushel.
Steven offered to sell his used automobile to Benito for $7,600 cash. Benito agreed to buy the car, gave Steven a check for $7,600, and drove away in the car. The next day, Benito sold the car for $8,000 to Jose, a good faith purchaser. The bank returned Benito's $7,600 check to Steven because of
Mobley purchased from Century Dodge a car described in the contract as new. The contract also contained a disclaimer of all warranties, express or implied. Subsequently, Mobley discovered that the car had, in fact, been involved in an accident. He then sued Century Dodge to recover damages,
O'Neil purchased a used diesel tractor-trailer combination from International Harvester. O'Neil claimed that International Harvester's salesman had told him that the truck had recently been overhauled and that it would be suitable for hauling logs in the mountains. The written installment contract
Pablo agreed to lend Marco $500. Thereupon Marco made and delivered his note for $500 payable to Pablo or order "ten days after my marriage." Shortly thereafter Marco was married. Is the instrument negotiable? Explain.
For the balance due on the purchase of a tractor, Henry Brown executed and delivered to Jane Jones his promissory note containing the following language: January 1, 2015, I promise to pay to the order of Jane Jones the sum of $7,000 to be paid only out of my checking account at the XYZ National
Sam Sharpe executed and delivered to Don Dole the following instrument: Knoxville, Tennessee May 29, 2015 Thirty days after date I promise to pay Don Dole or order Five Thousand Dollars. The holder of this instrument shall have the election to require the assignment and delivery to him of my 100
Explain whether the following instrument is negotiable. March 1, 2015 One month from date, I, James Jimson, hereby promise to pay Edmund Edwards: Six Thousand, Seven Hundred Fifty ($6,750.00) Dollars, plus 83 = 4 percent interest. Payment for cutting machines to be delivered on March 15, 2015
On January 2, 2015, seventeen-year-old Martin paid $2,000 for a used motorboat to use in his fishing business, after Dealer's fraudulent misrepresentation of the condition of the boat. Martin signed an installment contract for $1,500, and gave Dealer the following instrument as down payment: Dated:
On December 2, 2015, Miles executed and delivered to Proctor a negotiable promissory note for $1,000, payable to Proctor or order, due March 2, 2016, with interest at 14 percent from maturity, in partial payment of a printing press. On January 3, 2016, Proctor, in need of ready cash, indorsed and
On August 10, 2013, Theta Electronic Laboratories, Inc. executed a promissory note to George and Marguerite Thomson. Six other individuals, Gerald Exten, Emil O'Neil, and James Hane, and their wives also indorsed the note. The Thomsons then transferred the note to Hane on November 26, 2015.
On June 15, 2007, Joanne, for consideration, executed a negotiable promissory note for $10,000, payable to Robert on or before June 15, 2015. Joanne subsequently suffered financial reverses. In January 2015, Robert, on two occasions, told Joanne that he knew she was having a difficult time, that
On November 22, a $25,000 check drawn on the First National Bank of Nevada was deposited with Lincoln First Bank-Central. Lincoln forwarded the check to Nevada via Hartford National Bank and Trust Company and Wells Fargo Bank. Nevada received the check on Friday, December 10, and discovered that it
As payment in advance for services to be performed, Acton signed and delivered the following instrument: December 1, 2015 LAST NATIONAL BANK MONEYVILLE, STATE X Pay to the order of Olaf Owen $10,500.00 _______ Ten Thousand Five Hundred Dollars ______. For services to be performed by Olaf Owen
In October 2010, Black, the owner of the Grand Opera House, and Harvey entered into a written agreement to lease the opera house to Harvey for five years at a rental of $300,000 a year. Harvey engaged Day as manager of the theater at a salary of $1,175 per week plus 10 percent of the profits. One
In 2005, Gauldin and Corn entered into a partnership for the purpose of raising cattle and hogs. The two men were to share equally all costs, labor, losses, and profits. The business was started on land owned initially by Corn's parents but later acquired by Corn and his wife. No rent was ever
Raphael, a minority shareholder of the Sample Corporation, claims that the following sales are void and should be annulled. Explain whether Raphael is correct. a. Smith, a director of the Sample Corporation, sells a piece of vacant land to the Sample Corporation for $500,000. The land cost him
Campbell loaned Perry Dixon $70,000, which was secured by a possessory security interest in stock owned by Perry. The stock had a market value of $40,000. In addition, Campbell insisted that Perry obtain a surety. For a premium, Sutton Surety Co. agreed to act as a surety for the full amount of the
Pamela Darden owed Clark $50,000 on an unsecured loan. On May 1, Pamela approached Clark for an additional loan of $30,000. Clark agreed to make the loan only if Pamela could obtain a surety. On May 5, Simpson agreed to be a surety on the $30,000 loan, which was granted that day. Both loans were
Elizabeth Tilleraas received three student loans totaling $35,500 under the Federal Insured Student Loan Program (FISLP) of the Higher Education Act. These loans were secured by three promissory notes executed in favor of Dakota National Bank & Trust Co., Fargo, North Dakota. Under the terms of
X Corporation is a debtor in a reorganization proceeding under Chapter 11 of the Bankruptcy Code. By fair and proper valuation, its assets are worth $100,000. The indebtedness of the corporation is $105,000, and it has outstanding preferred stock of par value of $20,000 and common stock of par
Stella, a chemist, was employed by Johnson, a manufacturer, to work on a secret process for Johnson's product under an exclusive three-year contract. Johnson employed Dabney, a sales person, on a week-to-week basis. Stella and Dabney resigned their employment with Johnson and accepted employment in
Sally, having filed locally an affidavit required under the assumed name statute, has been operating and advertising her exclusive toy store for twenty years in Centerville, Illinois. Her advertising has consisted of large signs on her premises reading "The Toy Mart." Bob, after operating a store
Universal Video sells video recording equipment in the United States, and its sales constitute 40 percent of the total sales of such equipment in the United States. One-half of Universal's sales are to Giant Retailer, a company that possesses 50 percent of the retail market. Giant is presently
Z sells cameras to A, B, C, and D for $160 per camera. Y, one of Z's competitors, sells a comparable camera to A for $148.50. Z, in response to this competitive pressure from Y, lowers its price to A to $148.50. B, C, and D insist that Z lower its price to them to $148.50, but Z refuses. B, C, and
Taylor Company produces 77 percent of the coal used in the United States. Coal provides 25 percent of the energy used in the United States. In a suit brought by the United States against Taylor for violation of the antitrust laws, what is the result?
Baldwin Corporation made a public offering of $250 million of convertible debentures and registered the offering with the Securities and Exchange Commission. The registration statement contained financial statements certified by Adams and Allen, Certified Public Accountants. The financial
John P. Butler Accountancy Corporation agreed to audit the financial statements of Westside Mortgage, Inc., a mortgage company that arranged financing for real property, for the year ending December 31, 2013. On March 22, 2014, after completing the audit, Butler issued unqualified audited
Brenda borrows $1,000 from Lincoln for one year, agreeing to pay Lincoln $200 in interest on the loan and to repay the loan in twelve monthly installments of $100. The contract that Lincoln provides and Brenda signs specifies that the annual percentage rate is 20 percent. Does this contract violate
New England Petroleum Corporation (NEPCO), a New York corporation, was in the business of selling fuel oil in the United States. PETCO, a refinery incorporated in the Bahamas, was a wholly owned subsidiary of NEPCO. In 1968, PETCO entered into a long-term contract to purchase crude oil from Chevron
John Swan rented a safe deposit box at the Tenth Citizens Bank of Emanon, State of X. On December 17, 2014, Swan went to the bank with stock certificates to place in the safe deposit box. After he was admitted to the vault and had placed the stock certificates in the box, Swan found lying on a
In 1988, Ogle owned two adjoining lots numbered 6 and 7 fronting at the north on a city street. In that year, she laid out and built a concrete driveway along and two feet in front of what she erroneously believed to be the west boundary of lot 7. Ogle used the driveway for access to buildings
Robert and Marjorie Wake owned land that they used as both a cattle ranch and a farm. Each spring and autumn, the Wakes would drive their cattle from the ranch portion of the operation across an access road on the farmland to Butler Springs, which was also on the farmland. In December 1992, the
On January 14, 2011, Eura Mae Redmon deeded land to her daughter, Melba Taylor, and two sons, W. C. Sewell and Billy Sewell, "jointly and severally, and unto their heirs, assigns and successors forever," with the grantor retaining a life estate. W. C. Sewell died on November 18, 2011, and Billy
Ames leased an apartment to Boor for $600 a month, payable the last day of each month. The term of the written lease was from January 1, 2014, through April 30, 2015. On March 15, 2014, Boor moved out, telling Ames that he disliked all the other tenants. Ames replied, "Well, you're no prize as a
In 2003, Roy Martin and his wife, Alice; their son, Hiram; and Hiram's wife, Myrna, acquired title to a 240-acre farm. The deed ran to Roy Martin and Alice Martin, the father and mother, as joint tenants with the right of survivorship, and to Hiram Martin and Myrna Martin, the son and his wife, as
In May 2005, Fred Parramore executed four deeds, each conveying a life estate in his land to him and his wife and a remainder interest in one-fourth of his land to each of his four children: Alney, Eudell, Bernice, and Iris. Although Fred executed and acknowledged the four deeds as part of his plan
The Gerwitz family resides on a piece of land known as Lot 24 of the Belleville tract, which they acquired by deed in 1995. Shortly thereafter, the Gerwitzes began to use the adjacent vacant Lot 25. At various times they planted grass seed, flowers, and shrubs on the land and used it for picnics
Sam and Eleanor Gaito purchased a home from Howard Frank Auman, Jr., in the spring of 2013. Auman had completed the construction of the house in November 2008. In the interim, three different parties had lived in the house for brief periods, but Auman had retained ownership. The last tenants, the

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