What are the complications of negotiable interests and when a holder in due course is vulnerable to loss.
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What are the complications of negotiable interests and when a holder in due course is vulnerable to loss.
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- Apex Hospital is in need of major renovation of its electrical system. One of Apex’s governing board members, Willy Watt, is an electrical contractor who is a partial owner of an electrical restoration company. He would like to bid on the project. May he? If he does, what must he do? What must the governing board do? Is there a problem with Mr. Watt’s fiduciary duty? Is there a problem with the governing board’s fiduciary duty? Recommend the best steps that Apex Hospital should follow.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.‘A holder in due course gets a better title free from equities’. Explain the statement and discuss the various privileges of a holder in due course.
- 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…Virgin Financial Services Pty Ltd (Virgin) is a recently incorporated company that you assisted Virginia and Richard in establishing to run a financial planning business. The company does not have their own Australian Financial Services license but is a corporate authorised representative of MLC Ltd. The directors of the Virgin are: Virginia (the MD) and Richard Both have had several years of financial planning and accounting experiences and in the last 4 years they both focused on being financial advisers. Richard is aware that taxation is an important issue in financial planning and has become registered as a recognised tax adviser as well. Both have a good understanding of the legal requirements involved in advising clients. They were individual clients of the firm for many years and now that they have started up a new business they come to you for advice on the following issues: Recently the Government established a review on the quality of advice called the Quality of Advice…Explain the importance of Army property accountability and securing issued in essay format?
- You've read about the statute of frauds and how it requires certain agreements to be in writing (remember the acronym MYLEGS). Thinking about all contracts, do you think that all contracts should be in writing? Or do you think this would hinder or slow down transactions? Please discuss your thoughts on these questions while keeping in mind the purpose behind the statute of frauds.Partnership agreements can be modified: (A) Only with prior approval from the IRS. (B) At any time if agreed to by all partners, for both formal written agreements or informal agreements. (C) Only in writing, regardless of whether the partnership agreement is formal or informal. (D) If more than 75% of the partners agree to the modifications to the agreementPick 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
- If a director allows a company to continue to trade indefinitely and the company is placed into liquidation, what are the potential liabilities for a director and how are these determined by the Courts?–Said is the owner of a shop. He places a notice on the window advertising the sale of batteries at half price. What kind of notice? You should provide in your answer: 1- What kind of contract 2- Legal or not 3- Express or implied or Quasi 4- Unilateral or Bilateral 5- Your reflection and commentsexplain the following terms in your own words and understanding and give specific examples. - Obligations - Contracts - Law - Quasi-Contracts - Quasi-Delicts