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business
essentials business law
Essentials of Business Law 10th edition Anthony Liuzzo - Solutions
Study each of the following case. Answer the questions that follow with Yes or No.Brown earned a significant income as a pilot for a major airline. Despite this high income, Brown ran into serious financial difficulties when she invested in a business owned by her brother that failed. Brown filed
Study each of the following case. Answer the questions that follow with Yes or No.Chapter 11 Travel Junction, a corporation, encounters financial difficulties and files for bankruptcy under Chapter 11. The bankruptcy court approves a reorganization plan to pay back creditors over time and begins
Study each of the following case. Answer the questions that follow with Yes or No.Chen had numerous debts from credit card bills, a home mortgage, and a loan resulting for a second automobile purchased on credit. He filed for bankruptcy under Chapter 7. Chen’s assets, in addition to his two
Is it ethical for an individual to purchase numerous items on credit when he or she knows that bankruptcy is available as an option in the event of a default?
Why are certain debts considered to be priority debts under Chapter 13 of the federal bankruptcy law?
Why does the law require a debtor to receive individual or group credit counseling prior to be allowed to file for bankruptcy?
List some examples of priority debts under a Chapter 13 bankruptcy.
List some examples of exempt property under Chapter 7 of the federal bankruptcy law.
Study each of the following case. Answer the questions that follow with Yes or No.Kenworth took his very expensive watch to Gervey Jewelry for repairs and cleaning. During the week in which the watch remained with the jeweler, it was placed in the store’s vault each night. One night, burglars
Study each of the following case. Answer the questions that follow with Yes or No.Bailment Ziess, a college student, owned some furniture, a portable TV, and a small refrigerator. At the end of the spring semester, she arranged to store her property in a storage room in her dorm building provided
Study each of the following case. Answer the questions that follow with Yes or No.Ky operated a service station on a road near the Canadian border. As a favor to customers, he frequently stored, without charge, certain items that travelers preferred not to take into Canada. Rowan had planned to
A Question of Ethics A renter of a power tool, ignoring safety warnings, injures himself while using it. The renter later denies that he had seen or read the warnings. The company renting the tool denies any knowledge of the defects in the power tool despite being aware of these defects. Is one
Common-Carrier Bailments Should a common carrier be required to accept all goods for shipment that it is authorized to transport? Could there be grounds for refusing some shipments?
Hotel Bailments A guest’s laptop computer is stolen from her hotel room. Should the hotel bear some responsibility for the loss?
The law of bailments requires that the bailee extend either slight care, reasonable care, or extraordinary care—depending on the circumstances. Why does the law allow such variations?
A car left in a parking garage is damaged and the attendant disclaims responsibility. While, in theory, the owner of the car (the bailor) would seem to have the law on his or her side, how can he or she prove the claim? In practice, will the owner be able to collect for the damages?
Discuss constructive bailments and explain how they differ from other kinds of bailments.
Distinguish among Bailment for the sole benefit of the bailee,Bailment for the sole benefit of the bailor,Mutual-benefit bailment, andConstructive bailment, and provide examples of each.
Discuss the six typical reasons for transferring goods and creating a bailment.
Study each of the following case. Answer the questions that follow with Yes or No.Noguchi and his wife purchased a newly built house that had no lawn or any other landscaping. Over several years, they spent many weekends landscaping with expensive and exotic shrubbery and trees. They also had a
Study each of the following case. Answer the questions that follow with Yes or No.Community Property Prior to their marriage, LeRoi and her husband, Pillsbury, each held substantial assets. During their marriage, they jointly purchased a home with the income they earned, and LeRoi inherited a
Study each of the following case. Answer the questions that follow with Yes or No.Weber, a customer at a restaurant owned by Hegler, found a wallet on the floor under the table. It contained money but no identification. In an attempt to return it to its rightful owner, she gave it to Hegler with
Various forms of multiple ownership of real property—such as joint tenancy, tenancy by the entirety, tenancy in common, and so on—have evolved from our English legal roots. Are these designations relevant today?
Can a gift given causa mortis be assumed to be as freely given as a gift given inter vivos? Why or why not?
The transfer of real property is much more complex than the transfer of personal property. What could be done to simplify real property transactions?
Identify and provide examples of rights in real property.
Distinguish between real and personal property.
Is it ethical for direct mail marketers to include a document that resembles a check made payable to the addressee, when closer examination reveals certain conditions such as “good only toward the purchase of . . .”?
Material Alteration How do significant changes made in an instrument affect the rights of the parties to it?
Endorsements Should an endorsement written in pencil be legally acceptable? Why or why not?
The innocent endorser of a forged instrument who negotiates commercial paper is liable. Is this fair?
State statutes usually declare that commercial paper that is given for gambling transactions or at usurious rates of interest is void. Can a person pay off an illegal gambling debt by check?
What is the difference between a contract and a negotiable instrument as it concerns consideration?
Describe the defenses against payment of commercial paper that are concerned with the acts or circumstances leading to the issue of the paper rather than to the paper itself.
What kind of an endorsement allows an endorser to avoid liability for payment even if the maker or drawer defaults on the instrument?
Under what circumstances are a minor’s checks valid?
Why would a person who receives a check want to limit its negotiability, and how would this be done?
Study each of the following case. Answer the questions that follow with Yes or No.Sikonen gave his check for $5 to Rivera, but in so doing he neglected to fill in the customary wavy line following the amount in the words. Rivera endorsed the check to Montana, who easily increased the amount to $500
Study each of the following case. Answer the questions that follow with Yes or No.Laredo found a checkbook belonging to Waldron, drew a check, signed Waldron’s name to it, and gave it to Kelly. The payee, Kelly, endorsed the check to a holder in due course, who presented it to the bank for
Study each of the following case. Answer the questions that follow with Yes or No.Stale Check Church accepted a three-year-old check that Field endorsed to her. When Church presented the check for payment, the bank refused to honor it and informed Church that the account had been closed for a
Study each of the following case. Answer the questions that follow with Yes or No.Tandy wanted to issue a check in payment of her rent, due June 1, before leaving on a vacation trip on May 15, but she did not have sufficient funds on deposit in her checking account. Her employer automatically
Study each of the following case. Answer the questions that follow with Yes or No.Hausen was planning an extensive trip to Europe and wanted to avoid carrying large sums of cash.a. Would you advise Hausen to carry certified checks?b. Would you advise Hausen to carry traveler’s checks?c. Would you
Study each of the following case. Answer the questions that follow with Yes or No.Neville had a checking account at her local bank. She wrote out a check to Shin, a maintenance worker, in payment for services he had provided.a. Is Neville the drawee?b. Is Shin the drawee?c. Is her bank the drawee?
Study each of the following case. Answer the questions that follow with Yes or No.Bolena sold some valuable jewelry to McGovern, whom she had never met before. She was concerned about whether McGovern’s check was good and whether there were sufficient funds on deposit in McGovern’s account to
Issuers of traveler’s checks encourage buyers to retain unused checks as a form of “emergency fund.” Who benefits from this practice and why?
The complexity of the financial and banking system is a bit staggering. What might be done to simplify the system for consumers?
What are the benefits and drawbacks to the consumer of using electronic funds transfers, automated teller machines, and point-of-sale systems?
Discuss circumstances that might require stopping payment on a check.
If a checkbook is stolen and checks are written by the thief and cashed, who bears the loss?
Explain the two ways in which commercial paper differs from ordinary contracts.
Study each of the following case. Answer the questions that follow with Yes or No.The Chalmers family lived in poverty. Despite their destitute condition, Mrs. Chalmers bought several articles of jewelry for herself and an expensive painting for their home. When the retailer attempted to collect
Study each of the following case. Answer the questions that follow with Yes or No.A shipper asked a truck driver to deliver a shipment of chemicals and to protect them from freezing while en route. The driver assured the shipper that the chemicals would be carried in heated trucks. When the shipper
Study each of the following case. Answer the questions that follow with Yes or No.Peterman, a resident of Florida, sold a home in California to Oliveras. Peterman hired Fogelman, an attorney-at-law, to represent her at the real estate closing and provided Fogelman with a contract of agency, giving
In some states, an agent’s contracts may be voided if he or she is acting for a principal who is a minor. Is this fair to a third party with whom the contract is signed?
Does it place an unnecessary burden on a third party to determine whether he or she is dealing with an employee who has the authority of an agent?
Does it seem likely that a third party would be suspicious if an agent disclosed the existence but not the identity of his or her principal?
A principal is liable for the torts and crimes committed by an agent if he or she is performing authorized duties. To what extent should the agent also be liable?
Explain how an agency may be terminated.
Identify the parties to an agency agreement and describe the relationship of the parties.
Study each of the following case. Answer the questions that follow with Yes or No.Pathek sold a pair of skis to Whelan, making no specific warranties or promises of any kind other than letting Whelan examine and try them. In fact, Pathek did not own the skis; he had only rented them. When the true
Study each of the following case. Answer the questions that follow with Yes or No.Liang was about to purchase an air-conditioning unit for her apartment at a closeout sale at Center City Appliance. The salesperson assured her that the unit was large enough to cool the apartment she described. The
Study each of the following case. Answer the questions that follow with Yes or No.Buynoski, the operator of a restaurant, served a dinner to Costas. Costas had nearly finished her soup when she found several metal chips in the bottom of her bowl. When Costas showed the chips to Buynoski, the
Can it be ethically justified for a manufacturer to sell a product with a warranty less than the law requires?
How would the law distinguish between oral statements of warranty and puffing?
Should the law distinguish between a reasonable basis for a warranty disclaimer and one that attempts to substantially negate the warranty?
What is the primary objective of warranty disclaimers?
In the case of a vague or indefinite written warranty, how can a court determine what such a warranty usually means in similar transactions?
Explain the effect of warranties offered after a transaction has been completed.
Provide examples of four kinds of express warranties and three kinds of implied warranties.
Study each of the following case. Answer the questions that follow with Yes or No.Olav, a retired banker, served on the board of directors for a nationally prominent charitable organization. The local chapter of the charity discussed plans to purchase and relocate to a new building across town.
Study each of the following case. Answer the questions that follow with Yes or No.Felagi and MacWilliams agreed to open a restaurant selling pizza and sandwiches. The business was organized as a partnership, with each partner owning 50 percent and sharing profits and losses equally. The two
Study each of the following case. Answer the questions that follow with Yes or No.Horvath opened a small convenience store, organizing the business as a sole proprietorship. Because she was concerned that she would not have sufficient financing, she borrowed $20,000 from Blaum, her brother-in-law.
Sole Proprietorship How can a sole proprietor attract employees who are trustworthy?
Limited Liability Persons who face unlimited liability (such as sole proprietors and partners) are allowed to purchase insurance to protect themselves from creditors and others. Should the law allow insurance to be used for this purpose?
Is it fair that in a limited partnership, the limited partner enjoys limited liability while the general partner faces unlimited liability?
Study each of the following cases. Answer the questions that follow with Yes or No.Eamons offered to sell his sailboat, complete with boat trailer, to Fitzgerald for $12,000. Fitzgerald agreed to the offer, gave Eamons a deposit of $500, and said that he would pay the balance when he came
Study each of the following cases. Answer the questions that follow with Yes or No.Galen, a purchasing agent for Ziff Construction Company, agreed orally with Houk Lumber to purchase 800 double-hung vinyl windows. The agreed price was $40,000. When Ziff Construction lost its financial backing, it
Study each of the following case. Answer the questions that follow with Yes or No.Rios furnished Stern, a carpenter, with a set of sketches for a cabinet she wanted built. They orally agreed on a price of $1,000, the type of wood to be used, and the delivery date. Before Stern had begun work or
Is it fair for a buyer to ask a seller to hold merchandise while the buyer shops for a better price?
How might a buyer avoid pitfalls in buying from unknown sellers?
How might a seller avoid pitfalls in selling to unknown buyers?
Compare and contrast online auctions with actual live auctions.
A contract for labor and materials need not be in writing, even if it is over $500. Does the buyer of the labor and materials enjoy the same level of legal protection as if the contract were in writing?
Explain both sellers’ and buyers’ remedies for breach of contract.
When a contract provides for the sale of goods subject to the buyer’s approval, the transaction is a sale on approval. What are the benefits to the buyer of this type of sales transaction?
Why is it important to determine when title passes?
How can a contract for future goods provide price flexibility for the seller and, at the same time, provide predictability to the buyer?
Using Technology Using the Internet and search engines, find an instrument of title, such as a bill of sale, bill of lading, or warehouse receipt.
In teams of three or four, interview a variety of local businesses to determine how they transfer title for the sale of goods. Some types of businesses would include equipment retailers, automobile dealerships and pet stores.
Study each of the following case carefully. Briefly state the principle of law and your decision.Forell, a resident of Des Moines, purchased a nearly new Buick automobile from a seller in Cleveland for the unusually low price of $4,000. The seller explained that he was in town to take delivery of
Study each of the following case carefully. Briefly state the principle of law and your decision.Fallon agreed in writing to purchase a used truck from Moonlit Motors with the understanding that a snowplow attachment would be added. When Fallon attempted to take delivery of the truck, he found that
Study each of the following case carefully. Briefly state the principle of law and your decision.Hollander purchased a computer from a pawnshop for use in his real estate office. Several weeks later, Diem, one of Hollander’s customers, mentioned that the computer looked familiar and asked if he
Study each of the following case carefully. Briefly state the principle of law and your decision.Crowley, a building contractor, ordered 500 bags of cement from Litvak Building Supply. It was agreed that Litvak would deliver to a building site, and title would pass when delivery was made. Before
Is it ethical for a person who is not a titleholder to act as one who has title to goods, thereby misleading a prospective buyer?
How can a buyer in a store know whether he or she is dealing with a titleholder or a remote party? Does it make a difference? Generally, whom does a buyer hold responsible for problems?
It seems that passage of title by estoppel might deny the rights of an innocent though inattentive property owner. Should a legitimate titleholder lose title because of his or her inattention?
A contract stipulates that certain conditions must be met before title can pass. A seller might wish to hasten the passage of title to minimize the risk of loss and the cost of insurance to indemnify such losses. Consider a typical sales transaction and suggest steps a seller might take to
An important application of the concept of title relates to who is holding title when a loss occurs. Are there other ways of determining who should bear a loss in a business transaction?
Explain the law governing title to lost or stolen goods and sales by persons having wrongful possession of goods.
Explain how title passes and discuss how bills of sale, bills of lading, and warehouse receipts are involved in the passing of title.
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