1.
An envelope containing a $10.00
rebate check was placed in Hart's mailbox by mistake. It was addressed to
Rice, a former tenant and read, "Pay to the bearer or G
Rice. $ 10.00". Was Hart a holder of the check? Why or why not
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2. Discuss if the following instrument is
negotiable?
“Ninety days after today I promise to pay Sarah J. two
thousand dollars”.
Signed: Peter K.
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3. An instrument reads “January 15,
20--. Pay to Jonathan Adams ten thousand dollars ($1,000,000) from
account number AB607 at Big Bank, Memphis ,
Tennessee
Albert would have to pay only the original amount of the
check ($10,000), unless it could be shown that he was negligent in writing it
so that it could be easily altered. The bank’s recourse would be against
Jonathan for breach of this warranty.
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4. Amanda purchased 1,000 cases of tuna at
$10.00 per case from General Food paying with a promissory note promising to "pay $10.000 in ninety
days to General Foods". General Foods transfers the note
"without recourse" to Acme Finance. Amanda does not pay the $ 10,000
note stating that the tuna was unfit to eat. Discuss what right the
parties have in this situation?
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5. Sarah gives a negotiable note for $5,000
to Roofing Contractor. Roofing cleverly alters the note to $7,000 and
negotiates the note to Bigger Bank for consideration. When this
alteration is discovered, discuss what recourse Bigger Bank will have against
Sarah and roofing?
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