Liability for a Lost ATM CardJoshua Franz, of Oxford, Mississippi, earned $4,600 during the summer and put $3,000 ofthe money in a newly opened savings account for use during the school year.It is now November 4th and Joshua went to the bank to withdraw some cash. The tellerinformed him that there was only $2,100 in the account. When Joshua protested, the tellerinformed him that there had been three ATM $300 withdrawals from the account on thelast day of the month in August, September and October.Joshua typically neglects to open the statements he had received on the third day of eachmonth. When he got home he could not find the ATM card he had received when heopened the account in August and recalled that he had found his car door open in hisparking lot in late August but had thought nothing was taken. When he opened thestatements he saw the record of each of the withdrawals. He went immediately back to thebank to tell them of the loss.How much money will Joshua lose because of these fraudulent transactions?$300.00$150.00$0$650.00

The scenario involves Joshua Franz, who opened a savings account and deposited $3,000 for use during…

Answered: Liability for a Lost ATM Card Joshua…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Using the IRAC model to answer the question. Jim and Jane got married last Sunday. The next day they travelled to Extended Stay Hotel in Miami for their honeymoon. They arrived at the Hotel, checked in and proceeded to their room. At the back of the front door in their room was a notice excluding liability, which read that “ Extended Stay will not be responsible for articles lost or stolen, unless it is logged at the front desk for safe custody.” However, this exclusion clause could only be seen after the door is closed as well as, the actual notice was small and colored in black, with a white background. Regrettably, with all the excitement of their honeymoon, both Jim and Jane did not even notice the exclusion clause at the back of the door. One day when they were out shopping, someone came into their room and stole Jim’s laptop.…
Should FedEx be liable for the alleged loss of valuable rare coins when FedEx did not know what the package contained. Rykard v. FedEx Ground Package System.
Marge sold her car to Rupert, her very good friend on credit for $100,000. He paid down $30,000, but after a few months, and having not seeing Rupert, Marge decided to take back the car. Lucky for her, she did not give Rupert the papers for the car. She saw Henry with the car, who told her that Rupert sold it to him and promised to give him the papers soon; i. Can Rupert keep the car? why or why not. ii. Can Marge get back the car? why or why not. iii. Would the situation be different if Marge had given Rupert the papers for the car? iv. What type of contract did Rupert and Henry enter into?
Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional $1,600 on January 4 to secure the machine for operation. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $21,000 cash and (b) it is sold for $84,000 cash. View transaction list View journal entry worksheet No Date December 31 Cash Accumulated depreciation-Machinery Loss on sale of machinery Machinery General Journal Debit Credit 21,000 213,700 63,300 288,000 December 31 Cash 84,000 Accumulated depreciation-Machinery 213,700 Machinery 288,000
Describe the role and workings of (1) the Consumer Product Safety Commission (CPSC) and (2) the Consumer Financial Protection Bureau (CFPB).
Jayzam is a resident of Manila. He is also an export trader of chicks to a particular retailer in China. Over the years of his partnership with the Chinese retailer, he has accrued a total of Php 1,000,000 in liabilities. The Chinese retailer has an agent in Manila, and Jayzam has paid the agent in check for the amount of Php 1,000,000 upon demand. The check was determined to be “drawn against insufficient funds”. For the amount of Php 2, the Chinese retailer assigned the credit to Cami11e, who sued Jayzam for the recovery of Php 1,000,000. Jayzam filed a motion to dismiss the suit on the ground that Cami11e was not an interested party and therefore, has no legal right to sue him. Jayzam also asserts that he had not agreed to the change in creditor. Is Jayzam correct in his assertion? Include legal basis/bases in your answers.
Michael built a calculator (which graphs) using plans Michael found posted on the internet, but he unreasonably didn’t follow the plans when he constructed the calculator. Michael then sold the calculator to Jack who was injured when the calculator exploded because it hadn’t been built according to the plans. After the explosion Jack was taken to the Hospital emergency room (“ER”) where he signed a consent form authorizing Dr. Joe, the ER doctor, to perform a surgical procedure called Surgery X. But, instead Dr. Joe performed Surgery Y, a different procedure than Surgery X. A. What cause(s) of action should Jack use if he sues Michael for Jack’s injuries. Discuss. B. Has Joe, the ER doctor, committed any intentional torts? If so, discuss.
Section 139, Disaster Relief Payment, was enacted by Congress in 2001 to ensure that victims of a qualified disaster would not be required to include in gross income payments received for funeral expenses resulting from a terrorist attack. True False
John Torniero was employed by Micheals Jewelers, Inc. (Micheals). During the course of his employment, Torniero stole pieces of jewelry, including several diamond rings, a sapphire ring, a gold pendant, and several loose diamonds. Over a period of several months, Torniero sold individual pieces of the stolen jewelry to G&W Watch and Jewelry Corporation (G&W). G&W had no knowledge of how Torniero obtained the jewels. Torniero was arrested when Micheals discovered the thefts. After Torniero admitted that he had sold the stolen jewelry to G&W, Micheals attempted to recover it from G&W. G&W claimed title to the jewelry as a good faith purchaser for value. Micheals challenged G&W’s claim to title in court. Who wins? Explain your reasoning.
Henry entered into a contract with Classic Motors to purchase a specific vehicle. The contract provided for a purchase price of $30,000.00 with a down payment of $10,000.00 and the balance of $20,000.00 on terms. Classic Motors was to repair the broken windshield and install a new CD player. Henry was to be notified once the work was completed so he could come and pick up the car. Classic Motors cashed the cheque and prepared the car as promised. Shortly before contacting Henry the car was stolen from the lot. Henry has demanded the return of his $10,000.00 down payment. What is the legal position of the parties?
Eric and Susan just purchased their first home, which cost $140,000. They purchased a homeowner’s policy to insure the home for $130,000 and personal property for $80,000. They declined any coverage for additional living expenses. The deductible for the policy is $500. Soon after Eric and Susan moved into their new home, a strong windstorm caused damage to their roof. They reported the roof damage to be $19,500. While the roof was under repair, the couple had to live in a nearby hotel for three days. The hotel bill amounted to $420. Assuming the insurance company settles claims using the replacement value method, what amount will the insurance company pay for the damages to the roof?
Lewis owned a second-hand car which he bought for RM35,000.00 in cash before the COVID19 outbreak. Due to a tight budget and to cover his credit card debts from his lavish lifestyle, Lewis decided to sell the car. Jimin expressed interest and offered RM15,000.00, which Lewis accepted. After Jimin paid RM15,000.00, he informed Lewis that he would pick up the car a week later. The following day, Lewis's colleague, Daniel, offered to purchase the car for RM25,000.00, which Lewis immediately accepted. He later contacted Jimin informing him that he had sold the car to Daniel and would return the RM15,000.00 paid by Jimin plus RM1500.00 as compensation. Jimin was enraged, insisting that the car belonged to him already, and he was the one who made the first bid and paid in full. Irritated by Jimin's responses, Lewis replied it was his right as the owner to choose the buyer and that he and Jimin had no legally binding contract. Furthermore, the price offered by Lewis was significantly lower…

SEE MORE QUESTIONS

Recommended textbooks for you

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Management Information Systems: Managing The Digi…

Management

ISBN:

9780135191798

Author:

Kenneth C. Laudon, Jane P. Laudon

Publisher:

PEARSON

Business Essentials (12th Edition) (What's New in…

Management

ISBN:

9780134728391

Author:

Ronald J. Ebert, Ricky W. Griffin

Publisher:

PEARSON

Fundamentals of Management (10th Edition)

Management

ISBN:

9780134237473

Author:

Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo

Publisher:

PEARSON

SEE MORE TEXTBOOKS