Jane has written out a check to Manny for $100. Unfortunately, the check was stolen by Stringer Bell who sold it to Freddy for $90. Stringer signed Manny's name even though he is not Manny. Freddy has no idea of the wrongdoing. Freddy presents the check to the bank but Jane and the bank say, "No way".
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Jane has written out a check to Manny for $100. Unfortunately, the check was stolen by Stringer Bell who sold it to Freddy for $90. Stringer signed Manny's name even though he is not Manny. Freddy has no idea of the wrongdoing. Freddy presents the check to the bank but Jane and the bank say, "No way".
Can Freddy get the $100? How?
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- Betty writes a check for $500 payable to Luanne and drawn on Union Planters Bank. Luanne indorses the check on the back and gives the check to Randolph in payment for a couch that Luanne buys from Randolph. Randolph indorses the check on the back, under Luanne's signature, and takes the check to Union Planters Bank to cash. Union Planters Bank dishonors the check, even though there are sufficient funds in Betty's account. Primary liability for honoring the check that Randolph presented to Union Planters Bank lies with: Union Planters Bank and Betty. Betty only, because she is the drawer. Union Planters Bank only. Randolph's only recourse is to sue Union Planters Bank. Luanne only, because Luanne is the party from whom Randolph received the check.Althea writes a check to Handy Dan's Home Repair for $59.75 to cover the cost of having a window repaired in her home and gives the check to Dan, the owner of Handy Dan's Home Repair. Dan alters the check by changing the amount to $559.75. Dan then takes the check to Home Federal Savings and Loan, the bank on which the check is drawn, and cashes the check. This, of course, results in an extra $500 being withdrawn from Althea's account. Home Federal Savings and Loan will be responsible for: issuing a stop payment order on the check. debiting Althea's account $559.75, the entire amount of the check. debiting Althea's account for nothing. Because the check was altered, Althea is not entitled to any reimbursement. debiting Althea's account $500.Rochelle fraudulently induces Sybil to sign a note. Rochelle sells the note to Terry, who does not know of the fraud and takes the note for value and in good faith, and thus becomes an HDC. Terry sells the note to Ulrich, who sells the note back to Rochelle. Does Rochelle acquire Terry’s HDC rights in the note?
- 1. Adrian is a bank manager. A customer Neo has come into the bank. Neo has a mortgage loan with the bank. Neo claims he has lost his job and will not be able to pay the loan back. His monthly payment is $1,000. Neo offers Adrian $7,500 as an accord and satis-faction. Can Neo enter into an accord and satisfaction with the bank? If not, how can he extinguish his liability to the bank? 2. Adrian is a bank manager. A customer Neo has come into the bank. Neo has a mortgage loan with the bank. Neo claims he has lost his job and will not be able to pay the loan back. His monthly payment is $1,000. Neo offers Adrian $7,500 as an accord and satis-faction. Can Neo enter into an accord and satisfaction with the bank? If not, how can he extinguish his liability to the bank?An internet investment club asks Jose, a successful stockbroker, to advise its members. The club allows Jose to set up an account with a brokerage firm and gives Jose control of the account, but does not authorize Jose to withdraw funds for his own benefit. Jose, however, uses the money in the account to repay personal loans. He intends to return the money at some point in the future. Jose is charged with embezzlement. Is Jose guilty of embezzlement? Why or why not?Jeremy received a tax refund check and needs to have it deposited into his account. He decided to ask his friend JT to do that for him. What does Jeremy need to write on the back of the check to make sure that JT doesn't cash the check for himself?
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- Susan and Jose rent an apartment and have been saving for a house. They now have $10,000 in the bank. Susan owes $4,000 on a low-interest credit card; Jose owes $4,500 on his car. Susan wants to pay the credit card and car off to eliminate the debt. Jose wants to keep the cash in the bank and continue saving for the house. What are the pros and cons of each one’s argument? Please be detailed and concise. Feel free to use a chart or table to represent your argument.Joanna takes a security interest in the equipment in Jason Store and files a financing statement claiming “equipment and all after acquired equipment.” Berkeley later sells Jason Store a cash register, taking a security interest in the register, and (a) files nine days after Jason receives the register or (b) files twenty-five days after Jason receives the register. If Jason fails to pay both Joanna and Berkeley and they foreclose their security interests, who has priority on the cash register? Explain.Alan purchased shoes from Barbara on open account. Barbara sent Alan a bill for $10,000. Alan wrote back that two hundred pairs of the shoes were defective and offered to pay $6,000 and give Barbara his promissory note for $1,000. Barbara accepted the offer, and Alan sent his check for $6,000 and his note, in accordance with the agreement. Barbara cashed the check, collected on the note, and one month later sued Alan for $3,000. Is Barbara bound by her acceptance of the offer?