‘The capacity to incur liability on negotiable instruments is co- extensive with the capacity to contract.’ Explain the statement and discuss the different cases of incapacity to incur liability as a party to negotiable instruments.
Q: Can a negotiable instrument be endorsed in blank? What are the consequences of such an endorsement?
A: "The solution has been provided in a generalized Manner." A negotiable instrument is a written…
Q: What is the difference between a shipment contract and a destination contract with reference to when…
A: Destination contract: Merchandise or items are belongings of the vendor till they are added to the…
Q: Michael, who is a new immigrant in Canada, borrowed money to a lending company, AB Finance Ltd. In…
A: The objective of the question is to determine whether the annual interest rate of 65% stipulated in…
Q: Under what circumstances can the liability of the parties to a negotiable instrument be discharged?
A: The Negotiable Instruments Act aims to create a standardized and reliable system for negotiable…
Q: Which is the best definition of a ‘general’ agent? a) An Agent who can only make a particular type…
A: The legal rules that govern the dynamic interaction between a principal and an agent are…
Q: What are the complications of negotiable interests and when a holder in due course is vulnerable to…
A: Negotiable instruments work as lawful records that describe a right to receive a precise amount of…
Q: P is in dire need of cash. He then approaches M and requests that M issue a negotiable bill of…
A: A bill of exchange (BOE) is a financial instrument that is used in commerce as a means of payment…
Q: Mary and Mark live in Illinois. Mary lends Mark $10,000.00. Mark wants some security of repayment…
A: In Illinois, the filing of a security agreement with the Secretary of State is not required to…
Q: What does it mean to have primary liability on a negotiable instrument? -As soon as a party…
A: A negotiable instrument is referred to as a promissory note or a document that guarantees the…
Q: A mortgage is transfer of an interest in specific immoveable property for the purpose of securing…
A: The right given to the lender for acquiring and selling the property in the case of the defaulting…
Q: Excel Co, a meat-packing company sold meat products to Silver Enterprises, the buyer. The buyer…
A: The question is asking who has the title to the goods in a situation where the original buyer…
Q: On June 30, 2021, Maxwell Company sold merchandise to a customer and accepted a 9-month…
A: 4. Show calculations for the effective interest rate for the note The effective interest rate can be…
Q: On Chapter 12, Recognizing Employee Contributions with Pay; define Principal and define Agent. Also,…
A: Employee contributions with pay are essential to be recognized by any company. It helps in knowing…
Q: What is the Statute of Frauds and to what type of agreements does it apply?
A: The Statute of Frauds is a legal principle that originated in English common law and has been widely…
Q: Define the term "unconscionable" and describe the effect of an unconscionable contract.
A: Unconscionable: Unconscionable defines that unusually harsh and shocking to the…
Q: Which one (1) of the following correctly completes the statement? Electronic accessories or…
A: Note: As per bartleby guidelines in case multiple questions are asked by the students then the…
Q: Tying contracts, which is prohibited under the Clayton Act, refers to the situation where a producer…
A: In the realm of antitrust law, particularly under the provisions of the Clayton Act, certain…
Q: True or False If a contract is fully performed by all parties to it, then it is presumed to have…
A: A legally enforceable agreement that specifies the terms and circumstances of a relationship between…
Q: Firm A is having financial difficulties. It delivers goods to a carrier for shipment to a foreign…
A: Firm A is having financial difficulties. It delivers goods to a carrier for shipment to a foreign…
Q: A buyer bought a property without telling the seller or broker of his intended purpose for the…
A: The objective of the question is to determine the status of the contract in a situation where a…
Q: Jasper Bakery Limited signed a purchase order to buy 50 kg of butter from a farmer over the next…
A: When it comes to interactions between individuals, contract law is like a peaceful director who…
Q: Explain the difference between a docketing fee and a cancellation fee of an arbitrator.
A: Dispute management in organizations involves the effective handling of conflicts or disputes that…
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- John goes to a bar. Harry starts to talk to him about a car he has for sale. John tells him he wishes he could buy the car but does not have that much cash. Harry tells John he can make payments over the next year. Harry writes on a napkin John shall pay me $100.00 per month for 12 months starting December 1, 2018. They both sign and date the napkin. Discuss whether this is a negotiable instrument. Defend your position. Ensure you discuss each element of negotiability.Explain Subcontracting?Xavier purchased a condominium unit at Atmos Towers in January 2018 for P 3,000,000. In the agreement, Xavier will pay a 20% downpayment and thereafter pay a monthly installment fee of P 65,000 for 60 months. In June 2020, or after paying 29 monthly installments, Xavier failed to pay his obligations because his fast-food business went bankrupt due to the pandemic. (a) What are the rights of Xavier under the Maceda Law? (b) In the above case, how much is the cash surrender value that must be returned to Xavier in case he fails to pay after the grace period?
- Fiona, Celine and Donna have recently commenced a business together making custard pies using the name 'FCD's Custard Pies' as their trading name. They also sell coffee and soft drinks. Only Donna has put capital into the business, and no formal agreement exists between them. However, on many occasions Fiona has purchased stock for the business from their various suppliers by using her own money, and she has also set up an account with the suppliers in the name of 'FCD's Custard Pies'. Celine also has often placed orders on behalf of the business with their various suppliers for stock. 00:0 At their next meeting Fiona suggests selling alcoholic beverages. Donna likes the idea, but Celine does not. Celine says that such a change would require renovation of the shop, and also obtaining a licence to sell alcohol. This requires an application to the relevant government authority, which may reject the application. After giving it lots of thought, Donna decides to leave the business in two…What is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17Granite Insurance Company entered into a treaty reinsurance agreement with Rock Solid Reinsurance (RSR). Granite's retention limit is $400,000 and RSR agreed to provide reinsurance for up to $2.0 million. If Granite writes an $800,000 policy, RSR is responsible for 50 percent of the losses. If Granite insures a $1.6 million risk, RSR is responsible for 75 percent of any losses. What type of reinsurance arrangement did Granite enter into with RSR? ما A) reinsurance pool B) surplus share reinsurance C) facultative reinsurance D) excess of loss reinsurance
- Shawn buys 50 widgets at a store closing sale. He buys the widgets intending to use them around the house. He only uses 25, though, and decides to sell the remaining widgets online. Shawn lives in Colorado. He finds an individual buyer, Victoria, in Italy. Does the CISG apply if there is an issue with this contract? O No, because at least one party must be a merchant. Yes, because the contract does not state that the CISG does not apply. O Yes, because the CISG automatically applies when two signatory country parties enter into a contract. No, because the contract does not state that the CISG applies. O No, because these are two consumers.Jill is an American making dresses in Alabama whose business is based on U.S. dollars. Jill has agreed to accept 1,000 Euros for the dresses she sold to a customer in Europe, with payment due in one month. True or false, Jill's profit on this transaction would be less than she anticipated at the time of the agreement, if changes in the conversion rate for Euros into U.S. dollars after the date of the agreement meant that Euros were worth less in U.S. dollars on the day that the customer actually paid her the 1,000 Euros. True or False?If a person signs a negotiable instrument because he is fraudulently deceived regarding its nature or essential terms gives the holder a universal defense.. O True False
- Samantha signs a contract to buy a brand-new unit in Kogarah. The contract is subject to an extended settlement period of 120 days. Samantha, through her solicitor, transfers the 10% deposit to the vendor’s solicitor and then speaks with her mortgage broker about obtaining a loan. While all this is going on, Samantha sells her own unit in Oatley. She intends to use the money realised from the sale of the Oatley unit to pay the balance of the purchase price of the Kogarah unit. A problem arises when Samantha’s unit does not sell by the expected date. Samantha needed to secure short-term finance at an almost exorbitant interest rate just so she can buy the Kogarah unit. Samantha consults her solicitor, who advises her that she can sue the buyer of her Oatley unit for breach of contract and ask for damages including the additional interest charges she incurred. Is Samantha’s solicitor correct? Explain plsWhat is the purpose of the "Pair and Set" clause in a Property insurance policy? OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged. OB) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged. OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged. OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss will be paid by the insurer.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-holder