Answer using Banking law jargon. Executive Clothing Retailers Limited manufactures and sells work wear for career women. During the period July to October, 2022, they notice that some of their inventory disappeared. Only three persons have the authority to access the inventory from the warehouse. After interviewing two of them the owners realize who the culprit is. They confront the front store Manager, Samantha Charles, in the presence of the police and she confesses, stating that she appropriated the goods and cash from the business, amounting to US$50,000. The owner suggests that Samantha compensate the company rather than face criminal charges. Samantha Charles agrees and executes a document, promising to pay US$50,000 in favour of Executive Clothing Retailers Limited on November 3, 2022, indicating that her actions were not sanctioned by the Company. It is now January 3, 2023 and Samantha has not honoured her acknowledged indebtedness to Executive Clothing Retailers Limited. 1) What type of document did she most likely execute? 2) With the assistance of statute/legislation and case law/court judgments, please indicate the requirements of a valid form of that document of indebtedness 3) With the assistance of statute/legislation and case law/court judgments, please indicate whether a claim against Susan is likely to succeed or fail.
Answer using Banking law jargon.
Executive Clothing Retailers Limited manufactures and sells work wear for career women. During the period July to October, 2022, they notice that some of their inventory disappeared. Only three persons have the authority to access the inventory from the warehouse. After interviewing two of them the owners realize who the culprit is. They confront the front store Manager, Samantha Charles, in the presence of the police and she confesses, stating that she appropriated the goods and cash from the business, amounting to US$50,000. The owner suggests that Samantha compensate the company rather than face criminal charges. Samantha Charles agrees and executes a document, promising to pay US$50,000 in favour of Executive Clothing Retailers Limited on November 3, 2022,
indicating that her actions were not sanctioned by the Company. It is now January 3, 2023 and Samantha has not honoured her acknowledged indebtedness to Executive Clothing Retailers Limited.
1) What type of document did she most likely execute?
2) With the assistance of statute/legislation and case law/court judgments, please indicate the requirements of a valid form of that document of indebtedness
3) With the assistance of statute/legislation and case law/court judgments, please indicate whether a claim against Susan is likely to succeed or fail.
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