Under what circumstances can the liability of the parties to a negotiable instrument be discharged?
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A: "The solution has been provided in a generalized Manner." A negotiable instrument is a written…
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A: Negotiable instruments work as lawful records that describe a right to receive a precise amount of…
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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…
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A: The right given to the lender for acquiring and selling the property in the case of the defaulting…
Q: and
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A: 4. Show calculations for the effective interest rate for the note The effective interest rate can be…
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A: The scenarios presented encompass complex legal situations, delving into contract law and the…
Q: When would an agent risk breaching a fiduciary duty?
A: A Person who is legally bound to put another's interests ahead of their own is a fiduciary person. A…
Q: Making an instrument negotiable requires many step
A: Eight Requirements for Negotiable Instruments The idea of negotiability is one of the most…
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A: Written contracts that promise to pay a specific quantity of money are known as negotiable…
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A: When it comes to interactions between individuals, contract law is like a peaceful director who…
Q: ‘The capacity to incur liability on negotiable instruments is co- extensive with the capacity to…
A: A negotiable instrument is a legally binding agreement that ensures payment to a certain individual…
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A: The scenario you outlined comprises a potential contract for the sale of a car between John and…
Q: Explain Subcontracting?
A: Subcontractor is a person who is being awarded a portion of an existing contract by a principal or…
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A: Maceda Law, is also commonly known as the Realty Instalment Buyer Act. It provides certain rights to…
Q: Martha sells goods to James for $25,000. Martha assigns her right to receive the $25,000 to XYZ…
A: In this case, Martha has sold goods to James for $25,000, and she has assigned her right to receive…
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- 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…Granite 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 reinsuranceCan the certainty of the object of the contract be negated by the failure of the parties to state the exact location of the property in the contract?
- 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?Sam owes Nick $200,000. Sam goes to Chase bank to take out a loan of $200,000 so he can pay off his debt to Nick. Chase agrees to make the loan but breaches its contract with Sam. Sam then defaults on his loan to Nick. Nick sues Chase bank because they breached their contract with Sam. What is the probable outcome of Nick’s suit against Chase?
- Business contracts may contain exclusion clauses as a means of limiting or excluding liabilities. Explain what is meant by the term “exclusion clause” and how case law and statutes regulate the use of such clauses in business contracts.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-holderBefore the purchase transaction, Shell had made know to Carbonic Co the purpose and intended use of electrodes. In short, Shell company put their trust and reliance on the skill and expertise of Carbonic Co. So, Shell ordered 60,000 kilograms of welding electrodes from Carbonic Co. for use in a project involving the fabrication of a cross-country gas transmission line. It turned out the electrodes are incapable of producing satisfactory weld in a vertical position. Shell sued Carbonic Co for violation under the Sale of Goods Act. Does Shell action prosper? Please state your reasons.
- 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?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?Mr. Goode and Reticent Bank Limited had entered into a margin lending agreement called a Margin Lending Loan and Security Agreement (LSA). In January 2009, RBL sold to Financial Innovators Bank International Limited (FIBIL) its margin loan book comprising about 18,500 margin loans (including Mr. Goode’s) on which the total amount advanced was approximately US$1.5 billion. The transaction documents under which the sale was made (the transaction documents) were complex and provided for an intermediate sale of the assets to BNY Trust Company Limited (BNY) and an on-sale to FIBIL. As part of the sale process, RBL notified each of its affected borrowers by letter of this transfer of their loans to FIBIL. RBL led evidence at first instance to prove this letter was sent to Mr. Goode on 19 January 2009. Mr. Goode denied receiving it. By the beginning of 2009, Mr. Goode’s investment in listed securities financed through his margin loan consisted of a single stock – units in the Macaripe…