Law Assignment Help Short Answer questions 2

1.          Andrew forged the signature of Baumann on a check and gave it to Callas in payment for merchandise.  Callas indorsed the check and delivered it to forgery was recognized.  Callas claimed that he was not liable to Davis because he had no knowledge of the forgery.  Explain whether Callas is correct?

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2. LeVoe wrote a check for $1,200 to the order of Henry Smith and delivered it to Smith in payment for a used car that Smith said had a rebuilt engine.  Smith indorsed the check and delivered it to Kraus, a holder in due course.  LeVoe stopped payment on the check when she discovered that the engine had not been rebuilt.  Must LeVoe pay the amount of the check to Kraus?  Explain.

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   3. A demand negotiable note for $500 issued by Sabin and given to Norm is altered to read $5,000 and subsequently presented for payment for payment by Bridget, a holder in due course.  Under what circumstances, if any, may Sabin be required to pay $5,000 to Bridget?

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4. Ten year old Felicity fell in love with a golden retriever puppy, which she saw in the window of Pet World.  She decided to use the money she had saved from her paper route to buy the dog and wrote a $300 check, payable to Pet World.  Does Pet World qualify as a holder in due course?  Why or Why not?

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Law Assignment Help Short Answer questions 1

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.  Signed:  Albert Nobel”.  Discuss if this instrument is negotiable?

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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