M issued a negotiable instrument note to P with a face value of P10,000, which P endorsed to A who is not a holder in due course, then to B, his son, without any payment but only out of love and affection. Can B seek payment from M?
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M issued a negotiable instrument note to P with a face value of P10,000, which P endorsed to A who is not a holder in due course, then to B, his son, without any payment but only out of love and affection. Can B seek payment from M?
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- 4.Bryson issues a $5,000 negotiable check "payable to the order of Yolanda or cash." Yolanda places her signature on the back of the check. Yolanda then negotiates the check to Casey. Given these facts, which of the following is generally correct? а. The check was issued as a bearer instrument and Yolanda could not have converted it into an order instrument. b. Yolanda's indorsement on the instrument is not required in order for Casey to qualify or assert that he is a holder in due course. С. Yolanda's indorsement on the instrument is generally referred to as a special indorsement. d. Yolanda's indorsement on the instrument is required in order for Casey to qualify or assert that he is a holder in due course.Professor Shott buys a Porsche against the wishes of his much more intelligent wife. Professor Shott soon realizes his mistake when he starts to make the car payments. Jane, a very wealthy 17 year old, offers to buy the Porsche and Professor Shott accepts. Now assume that before she turns 18 Jane gets in an accident and badly damages the Porsche causing $20,000 in damage. Assume she originally paid Professor Shott $50,000 for the car. If Jane now seeks to return the damaged car what is the result? Professor Shott must refund Jane his money minus the amount of the damages. Professor Shott does not have to refund Jane anything. Professor Shott can demand it be repaired before giving Jane a refund. Professor Shott must refund Jane 100% of his money even though he damaged the car.Maia wrote a check that said "Pay to the order of Kevin Mathews $10.97." The next line of the check stated, "One thousand ninety-seven dollars." In applying the rules of interpretation, how much should the drawee pay? a. Nothing; when the instrument is ambiguous it is declared non-negotiable. b. $10.97; numbers control over words. c. One thousand, ninety-seven dollars, or $1,097.00. Words control over numbers. d. Parol evidence would be needed to determine the purpose of the check.
- Andrew is an accountant. He agrees with George, a garage proprietor, that he will assist George with his annual tax return if George will service his car for him on the Monday. At the beginning of the negotiations Andrew told George that he absolutely must have the car for the following Tuesday since he needed it to go to an important meeting with a client to pitch for a valuable deal. Andrew assists George, but because the service was not done correctly the car breaks down when Andrew is on the way to the important meeting. Andrew is very late for this meeting and as a result the client switches his work, worth some £25,000, to another accountant. In addition Andrew incurs £500 costs putting right the defective service. Andrew now wishes to sue George for damages for breach of contract. Question 20 Is Andrew’s claim against George for putting right the defective service A a normal loss B an abnormal loss C neither a normal nor an abnormal loss D both a normal and an abnormal loss…Pick the right option What is the term the Uniform Commercial Code (UCC) gives to a person who seeks to enforce a negotiable instrument that is lost, stolen, or destroyed? -Beneficiary -Non-holderGianna contracts with Boris for Boris to bring a llama to her daughter Vivian's birthday party in exchange for $125. Gianna later learns her daughter is frightened of llamas. She contacts Boris and Boris agrees to bring a pony to the party for $75 instead. Which of the following is true of the original agreement involving the llama and the $125? It was discharged by mutual rescission It was discharged by accord and satisfaction It was discharged by substituted contract It was breached
- $900.00 Smalltown, IllinoisMaker, November 15, 2014The undersigned promises to pay to the order of John Doe Nine Hundred Dollars with interest from date of note. Payment to be made in five monthly installments of One Hundred Eighty Dollars, plus accrued interest beginning on December 1, 2014. In the event of default in the payment of any installment or interest on installment date, the holder of this instrument may declare the entire obligation due and owing and proceed forthwith to collect the balance due on this instrument.(Signed) Acton, agentOn December 18, 2014, no payment having been made on the note, Doe indorsed and delivered the instrument to Todd to secure a preexisting debt in the amount of $800.On January 18, 2015, Todd brought an action against Acton and Phi Corporation, Acton’s principal, to collect the full amount of the instrument with interest. Acton defended on the basis that he signed the instrument in a representative capacity and that Doe had failed to deliver the…Does a post dated check affect negotiability? In other words, does it matter that Niki deposited the check into her account BEFORE the date on the check? Will Niki be entitled to the $50? Explain your answer.A party contracts to guaranty the collection of the debts of another. As a result of the guaranty, the creditor, upon debtor's default, can immediately proceed against the guarantor without further notice. T/F?