4. Markus owed Landers $5,000, and since Markus had fallen on hard times, Landers cut the debt in half. Some months later, Markus was successful in getting a good paying job, and wrote a cheque payable to Landers for $2,500 with his thanks. Landers wrote back suggesting that Markus now pay the remaining $2,500. What is Markus' obligation?
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- Mikhail and Dana Jackson, doing business as M&D Enterprises, Inc., bought a retail electronics store under a franchise agreement from a national company, Tunes Hut. The Jacksons borrowed from State Bank to pay for the business and signed loan documents and a financing statement, which identified the Jacksons as "Debtors." Elsewhere on the financing statement, the bank identified "M&D Enterprises, Inc., Tunes Hut, Dana K. Jackson, Mikhail C. Jackson" as "Debtors." The statement covered, in part, the store inventory. The bank filed the financing statement with the proper government agency. Three years later, the store closed. Tunes Hut terminated the franchise and took possession of the inventory, claiming the Jacksons and M&D owed Tunes Hut $6,394.73. State Bank filed a suit in a state court against Tunes Hut, claiming a perfected security interest in the inventory with priority over Tunes Hut's claim. Did the bank's security interest take priority over Tunes Hut’s…4.Bryson issues a $5,000 negotiable check "payable to the order of Yolanda or cash." Yolanda places her signature on the back of the check. Yolanda then negotiates the check to Casey. Given these facts, which of the following is generally correct? а. The check was issued as a bearer instrument and Yolanda could not have converted it into an order instrument. b. Yolanda's indorsement on the instrument is not required in order for Casey to qualify or assert that he is a holder in due course. С. Yolanda's indorsement on the instrument is generally referred to as a special indorsement. d. Yolanda's indorsement on the instrument is required in order for Casey to qualify or assert that he is a holder in due course.Khalil bought Roots Café in New York from its previous owner. Khalil was eating a meal at Roots Café and mentioned to the owner that he would like to own a business of his own someday. The owner also had purchased the restaurant but was never able to make it a profitable business. The owner offered to sell Khalil Roots café. Khalil got a loan from a family member and was able to buy the company assets for $8,000 less than the seller's asking price. Through which of the following sources has Khalil found out that Roots Café was for sale? * Advertisement Hidden market A "for sale" sign Restaurant association
- Using Banking law Jargon, Brent Braxton, Carlyle Christian and Deborah Drummond together provided three separate guarantees in writing to the National Commercial Bank (NCB) of (Your Jurisdiction) Limited, regarding the promissory notes issued by Anthony Limited to NCB. The guarantees were made by Deed for US$200,000 each and clearly stated that if Anthony Limited defaulted on the repayment of the US$200,000 the money would be repaid by each of the guarantors. The NCB has written to BB, CC and DD requesting the repayment of the borrowed sums. However, BB, CC and DD are contending that they are secondarily liable for repayment of the borrowed sums. You have been asked to prepare legal advice for the Board of Directors on this matter. What is the nature of the advice you will give to NCB?Maia wrote a check that said "Pay to the order of Kevin Mathews $10.97." The next line of the check stated, "One thousand ninety-seven dollars." In applying the rules of interpretation, how much should the drawee pay? a. Nothing; when the instrument is ambiguous it is declared non-negotiable. b. $10.97; numbers control over words. c. One thousand, ninety-seven dollars, or $1,097.00. Words control over numbers. d. Parol evidence would be needed to determine the purpose of the check.At the end of 2001, Lehnhoff Inc. had $75 million in cash on its balance sheet. During 2002, the following eventsoccurred. The cash flow from Lehnhoff’s operating activities totaled $325 million. Lehnhoff issued $500 million incommon stock. Lehnhoff’s notes payable decreased by $100 million. Lehnhoff purchased fixed assets totaling $600million. How much cash did Lehnhoff Inc. have on its balance sheet at the end of 2002?
- 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…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…Kim Kardashian borrowed $200,000 from Big Bank to buy inventory to sell in her make-up shop. She signed a security agreement for the bank listing the entire present and future inventory in the make-up shop, including proceeds from the sale of inventory as collateral. Big Bank never filed a financing statement. A month later, Kim borrowed $50,000 from Kanye Creditor, who was aware of Big Bank’s security interest. Kim Kardashian then defaulted on both loans and declared bankruptcy. Who has priority, Big Bank or Kanye Creditor?
- Jeremy Cobb submitted an apartment rental application to Common Properties Management Coop- erative (Common) over the phone. Cobb authorized Common to debit his checking account for the $37.95 application fee. However, the debit was returned by Cobb’s bank as unpaid, and Cobb was assessed a Non-sufficient Funds (NsF) fee of $35.00 by Cobb’s bank, along with a $25.00 “returned fee” by PayLease, LLC (PayLease), Common’s financial institution. Cobb sued under the eFta, alleg- ing that the $25.00 “returned fee” had not been authorized. was the $25.00 returned fee to Pay- Lease covered by the EFTA?Bailee had a balance of $422.88 in a check register. The bank notified Bailee that Nicholas had insufficient funds to cover his check that Bailee deposited. The bank indicated that Bailee's bank balance was being reduced. Bailee felt that this was unfair since she never "bounces" her own checks. Is she justified? Please explain.1. John has a lending company. In his letter mailed on September 15, he offered to sell his business to Peter for $20,000.00. The letter was received by Peter on September 20. On September 25, Peter sent his letter of acceptance in which John received on September 28. However, on September 23, John had decided to withdraw and mailed a letter to Peter revoking it. The letter was not received until September 29. Did the contract form? When? Please state your reasons 2. A father made a will leaving everything to his infant son. In his will and testament, he appointed John as his executor, in the event of his death. As executor, John is responsible to administer his estate on behalf of his son. Prior to the death of the father, he bought a piece of land using a mortgage and began building a cottage on this land. Prior to its completion, he died. Upon his death, John then acts as the son’s guardian and administrator of the estate on his behalf. John was not paid for this service. As a…