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business
essentials business law
Business Law 5th Edition Robert W. Emerson J.D. - Solutions
(a) Don Debtor is lent money by Bob Bucks, who takes an unperfected security interest in a number of items, including the computer Don has owned for 3 years. If Telly’s Shop (TS) obtains a lien for repairs on Don’s computer, does Bob or TS have priority?(b) What if Bob now perfects his security
A lends money to B. As collateral, A takes possession of stocks and promissory notes owed to B. B subsequently receives a business loan from C, with a security agreement (and properly filed financing statement) specifying a security interest in (among other things) B’s stocks, promissory notes,
Delia Debtor purchased an automobile on credit. May her creditor take priority over a previously perfected security holder who took a security interest in Delia’s present and after-acquired motor vehicles?
Betty’s Boutique (BB) has filed for a Chapter 7 liquidation. BB’s creditors are as follows:Corporation A: $7,000 claim for business deliveries (similar to previous deliveries) occurring between time of bankruptcy petition and appointment oftrustee.Ms. B and Mr. C. Deposits of $400 and $3,245,
Harry Homeowner owes $120,000 on a mortgage for a house, owned solely by Harry and lived in by the entire Homeowner family. Harry also owes $5,000 to unsecured creditor A, as well as $3,000 to creditor B, the latter debt being secured by a perfected security interest in Harry’s sailboat. Harry is
Sure-Thing Surety has entered into suretyships with the following debtors. Coincidentally, in each case the creditor is Wanda Wealthy.(1) Dirk Debtor owes $10,000 on a loan. Payments are in default. Dirk is 15 years old.(2) Daphne Delinquent purchased a number of items on credit. Wanda demands
What is the general rule governing priority between two conflicting security holders?
Upon default, what may a secured party do with the collateral?
(a) What are the four methods for making a security interest “perfect”?(b) What does perfection accomplish?
(a) What are the requirements for an attachment’(b) What does an attachment accomplish?
Name four types of property that can be subject to a security interest.
What is the simplest type ofsecured transaction?
Name at least four types of nondischargeable debts and state the main other reason a debt might not be dischargeable.9- Does a bankruptcy discharge affect the liability of a codebtor, surety, or guarantor?
Name at least four types of assets (property) totally exempt from being liquidated or otherwise disposed of to help pay claims against a bankrupt debtor.
Name the three main chapters of the Bankruptcy Code, the type of relief under each chapter, and the party that may ask for that relief.
Under the Bankruptcy Code, what is the test for insolvency (the “bankruptcy test”)?
Which law, federal or state, governs bankruptcy proceedings’
(a) Name at least four federal statutes that regulate creditor practices, prohibit abuses, provide dispute-resolution mechanisms, or otherwise protect debtors.(b) Would you include the UCCC in your list’
Name five or more types of personal property that may be at least partly exempted from debt-collection enforcement.
Name ten lawful methods for collecting debts.
During a 3-month period, Boris Baddie forges Dudley Dewgood’s signature on several checks, makes Dudley’s supposed checks payable to. Boris, and then cashes them. Dudley takes each month’s bank statement and simply puts it in a box. Six months later, Dudley discovers Boris’s fraud.(a) May
Gary Greedy wants to bring a certified check to his meeting with Robert Reelistate. However, Gary feels that he needs every last cent of interest he can get from his account. Are these conflicting goals?
Sharon Survivor’s uncle has just died, leaving Sharon as his next of kin.Sharon believes that her uncle wrote several “crazy” checks in the last few days of his life. She is concerned that her uncle’s bank will honor these checks. What should she do?
Assume that Big Bank refused to honor the check, and Cory therefore lost a major business contract. Could Cory win a lawsuit against Big Bank?
Horace Holder presents to Big Bank a check, drawn by Big Bank account-holder Cory Careless to the order of Horace for the amount of$$>00, and containing all of the proper signatures. Big Bank pays it, although Cory’s account contains only $750. Cory says that Big Bank should not have paid
Name at least four areas covered by the Electronic Funds Transfer Act
What is the statute of limitations for a customer’s claim against his/her bank on unauthorized customer signatures or alterations?
(a) What does Section 4-406 require of bank customers?(b) If the customer fails to meet the 4-406 requirements, what can happen to him/her?
When can certification of a check be required?
What Article 4 legal requirements can a bank and its customers not change via the bank/customer contract’
State the two ways of making stop-payment orders and the length of time for which each is effective.
Give at least three proper reasons for dishonoring a check.
Are banks subject to garnishment by a customer’s creditors? Why?
Are checks assignments?
John drafts a check on Bank Y, payable to the order of Pat. For money, Pat negotiates the check to Viola. Pat has been declared insolvent in a federal bankruptcy court. What warranties, if any, have been breached?
In Problem 3, what warranties, if any, have been breached?
M issues a note payable to P’s order. C steals the note, forges P’s indorsement, and sells the note to X. M pays X. On the assumption that M has to pay P for conversion (UCC 3-420), may M recover from other parties?
Having performed services for Poe Credit, you are concerned about the check that you received as payment: Is Poe really “good for the money”? You owe Jane an amount somewhat less than the face value of Poe’s check. Jane is willing to take the check as complete payment of the debt. She seems
What is meant by the statement, “A negotiable instrument is a courier without any luggage?”
Paul Payee indorses a negotiable instrument “to the order of Julia Jumper,” who takes the instrument for value, in good faith, and without notice of claims or defenses to it. The instrument is not overdue, nor has it ever been dishonored, when Julia indorses it and gives it to Debbie Dole.
Fred Fraud owes Helen Holder $500. Fred fraudulently induces Tom Taken to buy a worthless stereo system for $500. Helen knows nothing about Fred’s misdeeds but is told that, if she releases Fred from his debt to her, Fred will have Tom issue a check to her for $500. Two weeks later, Helen takes
Jim pays Joan $50 for a check in the amount of $75. Can Jim be a HIDC? Ifso, for what amount’
Name the areas covered by the five transfer warranties.
Name the areas covered by the three presentment warranties.
(a) State the three main types of liability between parties to a negotiable instrument.(b) What tort is expressly listed as a remedy (e.g., for wrongful payment of an instrument) in UCC 3-420?
Name at least three types of negligence that can so substantially contribute to unauthorized alterations or signatures that they preclude recovery against persons paying in good faith.
In regard to consumer protection versus the HIDC concept, one approach has been to reduce the HIDC’s power to evade personal defenses, while another approach has been to make it more difficult for someone to become a HIDC. Which approach has been followed by many state legislatures? By the FTC?
Which type of defense works even against a HIDC?
Name at least five “real” defenses and seven personal defenses.
(a) Name at least three facts that, if known by the would-be HIDC, usually indicate notice of a claim or defense.(b) Name at least three that do not.
(a) Name three characteristics of an instrument that usually indicate notice of a claim or defense.(b) Name two that do not.
Define a HIDC.
An instrument from A to the order of C is handed by C to B.(a) What should B request from C?(b) What may B do if he is afraid that A may not be good for the money and a subsequent holder may seek the money from B, instead?
(a) Jerry Joker makes a note payable to Kid Kooke “five days after Nate Nerd’s first kiss.” Is the note negotiable?(b) What if Kid gets tired of waiting and plants one, that is, a kiss, on Nate?
A promissory note states that one year from the instrument’s date the maker will pay the amount set out in the note “with interest at the current rate.” Is this a negotiable instrument? Ifso, what type?
(a) Miss O’Hara obtains a loan of $300 from Mr. Butler, to whom she dates and signs a written “I owe you” (IOU) for $300.00. Soon thereafter, Butler expresses to O’Hara his resolute apathy as to her future whereabouts and seeks recovery of the $300 from O’Hara. Is the IOU a negotiable
What is the effect of a blank (general) indorsement
How are negotiable instruments negotiated?
In disputes about the terms of an instrument, which usually takes precedence?(a) Handwriting or typing(b) Typing or print(c) Handwriting or print(d) Words or numerals
True orfalse?(a) An instrument “payable upon drawer’s death” is negotiable.(b) Agents may complete an instrument for their principals (e.g., employers).(c) Dates and signatures on an instrument are presumed correct.
What types ofstatements do not make a promise or order conditional?
What types of statements may affect the amount due under an instrument, but do not leave the instrument without a fixed amount’
True orfalse!(a) Ambiguities are to be resolved in favor of negotiability.(b) By agreement of the parties, a nonnegotiable instrument can become negotiable.
What are the requirements for an instrument to be negotiable?
Which usually requires greater formality (adherence to specific requirements for proper formation): a negotiable instrument or an ordinary contract?
What advantage does a holder-in-due-course have over the assignee of a contract?
The role of consideration is different when one attempts to enforce a negotiable instrument rather than an ordinary contract. State the differences.
How is a check different from other drafts?
(a) What article ofthe UCC covers the law of negotiable instruments?(b) What article of the UCC covers the law of bank deposits and collections?
(a) Name the parties to a note.(b) Name the parties to a draft.
Name two purposes of commercial paper.
Smith takes an overcoat to XYZ Dry Cleaners to be dry cleaned. He inadvertently left a $20 gold piece in one of the pockets. XYZ sells this coin to Gould, a coin collector. Can Smith recover the coin from Gould?
AG Gas Wells, Inc. and Trans-American Pipelines Company enter into a contract whereby AG agrees to sell natural gas to Trans-American. The price is to be set by AG based on “the average price then being obtained by gas producers in the state of Oklahoma for sales of gas in interstate commerce.”
Anderson, purchasing manager for Fast Kolor Paint Company, mailed a purchase order to AB Can Corporation for 100,000 cans. The order form contained 17 printed conditions on its reverse side. The third condition stated: “Buyer may reject any defective goods within 30 days of delivery.” AB Can
How does the perfect tender rule change the common law rule of performance?
Does the UCC rely entirely on contract terms in determining risk of loss during the process ofsale and delivery of goods?
How does the UCC permit a possessor of property to convey a better title than the possessor himself/herself has?
Name two legal transactions that transfer possession, but not title.
Give some examples of the higher standard of dealing imposed on merchants by the code.
Why is there a special article in the Uniform Commercial Code dealing with sales contracts but not an article dealing with contracts in general?
Is this damage clause enforceable if (a) the price of the work was agreed to be $10,000 and (b) Singleton had a family that included two teenage children, and(c) the fair rental value ofthe house was $400 per month?
Singleton was transferred from employment in Dayton, Ohio, to Atlanta, Georgia. In June, he purchased an old house in Atlanta and made a contract with “We Fix It” to have the house ready for occupancy by September 1, “time being of the essence.” The contract contained a “liquidated
Thomas now seeks rent from Willis for the months of February, March, April, and May. Can he collect5
On January 1, Willis moved from the room without notice to Thomas, but left the room occupied by Goldman, also a student. Thomas accepted Goldman’s personal check for the January rent, but Goldman moved out on February
Willis, a senior at Charlestown University, rented a room from Thomas by oral lease for a period of 10 months to expire June
Gunther, a German national, was the owner of a valuable patent covering dehydrated food processing filed in the U.S. Patent Office. In July 1936, he made a contract with Samson whereby Samson received exclusive rights to manufacture, market, and sell foodstuffs in the United States in accordance
In a contract dated February 15, Wright agreed to build a drugstore on a lot owned by Peoples, near Washington, D.C. The drugstore was to be completed and ready for occupancy by January 1 of the following year.In September, a hurricane struck the Washington area and flooded the work site, where
Name two equity remedies available in some breach of contract cases
Why does the court permit a jury to hear about a defendant’s wealth in a case involving punitive damages?
What prevents the parties, by mutual agreement, from placing any desired dollar amount of damages in their contract as the definition of liquidated damages if the contract is breached?
When are consequential damages not allowed?
What limits are placed on compensatory damages?
What are the three essential elements to a contract case in court’ Which is most difficult to prove?
Is a contract obligation “wiped out” by the passage of time provided in the statute oflimitations?
Is an “act of God” the same as aforce majeure?
Discuss the legal significance ofthe word “impracticable.”
When should one obtain a release?
How can a contract be breached before the date of performance arises?
When does the law consider “satisfaction” to be objective and not a matter of taste? What difference does this distinction make in setting up a “condition”?
In a contract what words and phrases create express conditions?
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