Burnaby Builders Inc. is a community hardware store. BB ' s orders from Jamestown Fiberglass and Metal
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Burnaby Builders Inc. is a community hardware store. BBs orders from Jamestown Fiberglass and Metal Inc. various building materials for its customers. BB ordered a recent supply of roofing materials for a total of $ and Jamestown delivered the order on Monday. Harold Grimes is BBs accountant and has signature authority to sign checks up to $ On Tuesday, he prepared the check for payment to Jamestown, but left the signed check on his desk as he was detained by a more important project. That night, Billy Joe Bob Dillon, a member of BBs janitorial crew, as all other employees left the business, saw the signed check. He decided to steal another check from Grimes' unlocked desk. He then copied Grimes' signature on the second check as he wrote, Harold Grimes signed BJBD takes both checks: the first which Grimes signed, and the second which he signed with Grimes' name. BJBD calls up Jameston early the next morning and stated he was the bookkeeper for BB He then orders additional roofing. However, BJBD changes the delivery for the new order to his home. Then BJBD seals both checks in a stamped envelope to pay Jamestown and mails the one envelope. Jamestown does not know that BJBD is not authorized. A Describe or define Signature liability and TransferWarranty liability. Please quote each relevent sections from the textbook to support your answer and list the page numbers. In other words, no points if you do not quote verbatim the textbook and list the page numbers. B Who is liable on the second check, and why? Explain how the two types of liability apply to the facts. In other words, apply the law found in Question #A Please quote each relevant sections from the textbook to support your answer and list the page numbers. In other words, no points if you do not quote verbatim the textbook and list the page numbers. Your answers will be grade upon their quality QUALITATIVELY GRADED CAUTION: Your posts must remain ontopic for full points. If your posts discuss matters not directly related to "Negotiable Instruments" your posts will NOT score points. Q: Sally issued a check for $ dated October to James, which check is drawn on Federal Bank of Southland, Sally's bank, and James indorsed the check and transferred it to Harold. Note: Pay attention: here there is no promissory note. The instrument is a check a more sophisticated form of a draft The order of liability is NOT the same as a PNote. Thus, the liability is different. Describe or define Primary and Secondary Liability Please quote each relevant sections from the textbook to support your answer and list the page numbers. In other words, no points if you do not quote verbatim the textbook and list the page numbers. In this scenario, is Sally primarily or secondarily liable on the instrument? Please quote each relevent sections from the textbook to support your answer and list the page numbers. In other words, no points if you do not quote verbatim the textbook and list the page numbers. In this scenario, is James primarily or secondarily liable on the instrument? Please quote each relevent sections from the textbook to support your answer and list the page numbers. In other words, no points if you do not quote verbatim the textbook and list the page numbers. What event will trigger or cause Sally's liability or James's liability on the check? Please quote each relevent sections from the textbook to support your answer
Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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