Questions and Answers of Business Law Today

What are the rights and duties of sellers and buyers in a sales contract?
What is the doctrine of anticipatory breach?
What are the seller’s and the buyer’s remedies in case of a breach?
In what three ways can an express warranty be created?
What are the requirements of the Magnuson-Moss Warranty Act?
What is the nature of each of the following warranties: merchantability, fitness for a particular purpose, and usage of trade?
What is meant by warranty of title?
How can warranties be excluded?
Kathleen Liarkos purchased a used Jaguar XJS automobile from Pine Grove Auto Sales. After experiencing various mechanical problems, she discovered that the vehicle’s odometer had been turned back.
P&F Construction Corporation ordered 338 door units for an apartment condominium project from Friend Lumber Corporation. The doors were delivered to the job site three weeks after they were
William Young had cut evergreen boughs and sold them exclusively to Frank’s Nursery & Crafts, Inc., for 10 years. Upon receiving a $238,000 order for 360 tons of boughs from Frank’s, Young
Herman Googe agreed to buy an automobile from Irene Schleimer. Later, Googe changed his mind and refused to buy the car. Schleimer, without making tender of delivery, brought suit against Googe for
Mr. and Mrs. Aldridge bought a motor home from Sportsman Travel Trailer Sales, located in Texas. Two years later, after traveling more than 14,000 miles on trips to Louisiana, Colorado, and
Dicintio leased for a three-year period from Adzan Auto Sales a Jeep Grand Cherokee Laredo sport utility vehicle manufactured by DaimlerChrysler. Soon after accepting delivery, the automatic
Lohr bought a mobile home from Larry’s Homes. The home was damaged during delivery and never fully set up on Lohr’s property. Larry’s Homes attempted some repairs, but they were insufficient.An
Caswell bought a gas grill to give to his friend, Kile, as a birthday present. The grill exploded the first time it was used due to a factory defect, and Kile was injured. The manufacturer of the
Shaffer ordered a glass of rosé wine at the Victoria Station Restaurant. As he took his first sip of wine, the glass broke in his hand, causing permanent injuries. Shaffer brought suit against the
McCoy bought an antique pistol from the Old Fort Trading Post for $1,000. Later, the gun was taken from McCoy by the police when they learned that it was stolen property. The police turned the gun
Any contract that involves clothing, even avant-garde clothing, is covered by the Uniform Commercial Code (UCC). Keep in mind, as you read this case that the commissioners who wrote the UCC did their
As noted earlier, a planned court system that is similar to the Ohio commercial docket is the proposed science court. The science court would act as a forum for cases involving scientific and
Public interest and public policy are the same thing. True/False
Negligence would usually be more effective as a legal theory in a product liability lawsuit than strict liability. True/False
In addition to recovering damages to compensate them for their losses, injured parties in strict liability cases sometimes recover punitive damages. True/False
A consumer is someone who buys or leases real estate, goods, or services for personal, family, or household purposes. True/False
The Federal Trade Commission Act transferred certain powers to the Federal Trade Commission, giving it the authority to oversee and eliminate deceptive and unfair practices in commerce. True/False
To correct wrongdoings in the marketplace, the FTC has established trade regulation rules that must be followed by companies that transact business only in intrastate commerce. True/False
Under the terms of the Truth-in-Lending Act. Lenders need disclose only things to the finance charge to lenders. True/False
If a credit card or a debit card is lost, the cardholder is responsible only for the first $50 of any unauthorized charges. True/False
Debt collectors who violate the Fair Debt Collection Practices cannot be sued. True/False
What is the link between social engineering and the law?
What is the difference between the public interest and public policy?
How is the Federal Trade Commission Act enforced?
What are some unfair or deceptive practices?
What are the FTC rules designed to protect the consumer?
What is the function of the Truth-in-Lending Act?
What are some of the latest amendments to the Truth-in-Lending Act?
What is required by the Consumer Leasing Act?
Paul and Cynthia Vance invited Carl and Jeanne Leichtamer to go for a ride in the Vences’s four-wheel drive Jeep at an “off the road” recreation facility called the Hall of Fame Four-Wheel
Michael P. Babine was injured when he was thrown from an “El Toro” mechanical bull that he rode at a nightclub. The club had placed mattresses around the bull to cushion the fall of riders, but
Harriet Glantz lost her job. She was unable to find work for several months and fell behind in the payment of her debts. A debt collector telephoned her at 11:45 p.m., used profanity, and threatened
Ingram went to a used car lot in a large city and bought a used car. On his way home from the lot, the car that he had purchased broke down. The engine stopped running altogether. The used car lot
Prior to his marriage, Edward Garber had been in financial difficulty and had a poor credit rating. His wife, Natalie, applied for a credit card in her family name, fearing that she would be turned
Horack bought a used Mustang from a used car lot. The odometer showed that the car had been driven only 30,000 miles. Later, while cleaning her car, Horack found a service receipt showing that the
Carboni’s MasterCard bill contained several charges that she had not made. Upon investigation, she discovered that her credit card was missing from her wallet. She immediately notified the bank of
Delores Bierlein paid a $200 deposit toward the rental of the Silver Room at Alex’s Continental Inn for her wedding reception. Later, Bierlein canceled the reception because her fiancé was
In response to a radio advertisement, Mr. and Mrs. Lancet telephoned Hollywood Decorators, Inc., and arranged for Mr. Wolff, a company representative, to visit their home. During Wolff’s visit, the
After receiving an unsuccessful surgical procedure designed to facilitate weight loss, Gatten brought suit against the physician for violation of the state consumer protection law. That law read in
Whether they admit to it or not, all legal professionals will, from time to time, use the law for social engineering purposes. One example of this social engineering function is found in the doctrine
As we have seen many times throughout this text, the law is a balancing act. We have just examined how the courts have been willing (eager?) to use strict liability to hold manufacturers and
Joseph DiCenzo worked for Wheeling-Pittsburgh Steel Corporation from the 1950s until 1993. He worked as a tin-line laborer, a tractor operator, a plier, a welding-machine operator, and a tin-line
Notes are promises to pay money and drafts are orders to pay money. True/False
Checks are the least common form of a draft. True/False
Under the Uniform Electronic Transactions Act (UETA) an electronic record fulfills the requirement that a negotiable instrument be in writing. True/False
An instrument is indorsed when the holder signs it, thereby indicating the intent to transfer ownership to another. True/False
Instruments that do not meet all of the requirements of negotiability cannot be negotiated nor transferred by assignment. True/False
An unauthorized signature or indorsement is one made without actual, implied, or apparent authority. True/False
What is the purpose of a negotiable instrument?
Which negotiable instruments contain a promise to pay money?
Which negotiable instruments contain an order to pay money?
What are the different types of checks and money orders?
What are the requirements of a negotiable instrument?
What is the difference between an assignment and a negotiation of an instrument?
What are the four kinds of indorsements?
What are the implied warranties that are related to indorsements?
What contract is made when people indorse negotiable instruments?
What is the legal effect of a forged indorsement?
Haas deposited two checks totaling $42,000 into his account at the Meridian Bank and, at the same time, purchased a $35,000 money order. He then went to the Trump Plaza and Casino, where he received
Gail Sak wanted to give her niece, Kim Ryan, a gift of money for her twenty-first birthday, which was two weeks away. Because she was leaving for a trip to Europe the next day, Sak gave Ryan a check
In exchange for legal services rendered to her by the law firm of Westmoreland, Hall, and Bryan, Barbara Hall wrote the following letter: “I agree to pay to your firm as attorney’s fees for
Barton signed a promissory note promising to pay to the order of Scott Hudgens Realty & Mortgage, Inc., the sum of $3,000. The note stated, “This amount is due and payable upon evidence of an
Melanie E. Regan wrote the following words on a sheet of notebook paper in her own handwriting: “Twenty years from date, I, Melanie E. Regan promise to pay to the order of Ryan M. Brown $10,000
David Shin, a silver collector, ran short of cash. He borrowed $1,500 from Vinnie Gaff, giving Gaff the following note: “Thirty days from date, I promise to pay to the order of Vinnie Gaff $1,500
Powell, intending to write a check to Thompson Electric, Inc., instead made it payable to the order of “Tompson Electric.” Thompson Electric, Inc., indorsed the check with its name correctly
Tufi forged the payee’s name on the front of a U.S. Treasurer’s check. When convicted of a forgery, he appealed, contending that a signature on the front of a check cannot be an indorsement. May
Morse wrote a check for $2,500 payable to Reynolds for services rendered. Reynolds fraudulently raised the check to $5,500, indorsed it “without recourse,” and deposited it in her bank account.
Sanders borrowed $5,000 from Waskow, giving Waskow a promissory note that read, “One year from date, I promise to pay to the order of James Waskow $5,000, without interest (signed) Mary Sanders.”
Most of us are tempted from time to time to take shortcuts to solve our problems. Fortunately, most of us also resist that temptation. Instead, we work for what we have; we pay our bills, and we wait
Along with their bill, credit card companies often include blank checks for customers to make payable to anyone they wish, thus increasing the amount owed the credit card issuer, usually at an
A holder is a person who is in possession of a negotiable instrument that is issued or i n dorsed to that person’s order or to bearer. True/False
Able bought a book from Baker and gave Baker a $25 check. Baker indorsed the check and gave it to Charlie in payment of a debt. Charlie was not a holder in due course of the check. True/False
Charlie indorsed the check he received in Question 2 from Baker and gave it to David as a birthday gift. David had the rights of a holder in due course of the check. True/FalseData from question
Personal defenses are defenses that can be used against a holder in due course but not a holder of a negotiable instrument. True/False
The most common personal defenses are infancy and illegality. True/False
If a negotiable instrument is negotiated to a holder in due course after it has been paid, it will have to be paid again. True/False
No one with a real defense is required to pay an instrument. True/False
Fraud in the inducement is more serious than fraud as to the essential nature of the transaction. True/False
If a check is written with an erasable pen and later altered by a wrongdoer, the drawer of the check would not be responsible for any loss because alteration is a real d e fense. True/False
Indorsers never have liability to pay. True/False
Presentment can be made by oral, written, or electronic communication. True/False
Notice of dishonor must be given by nonbank holders to indorsers within 30 days following the day of dishonor. True/False
What are the characteristics of being a holder in due course?
What special protection is given to a holder in duecourse?
What is a holder?
What protection is given to a holder through a holder in due course?
What are the six personal defenses?
What protection is given to people who sign consumer credit contracts?
What are the six real defenses and what is the significance of a real defense?
What is primary liability?
What is secondary liability?
What conditions must be met to hold a secondary party liable?

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