Vincent Medina signed a check in the amount of $34,348 written on the account of First Delta

Question:

Vincent Medina signed a check in the amount of $34,348 written on the account of First Delta Financial, a family corporation owned and controlled by Medina. His corporate title did not appear before his signature. He issued the check to James G. Wyche. The check was dishonored for insufficient funds. First Delta Financial is in bankruptcy. Wyche contends that Medina is personally liable because he signed the check without indicating his corporate capacity below his signature. Medina argues that he is not personally liable on account of having signed the check. Explain who should prevail.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Smith and Robersons Business Law

ISBN: 978-1337094757

17th edition

Authors: Richard A. Mann, Barry S. Roberts

Question Posted: