This document summarizes a court case between First American Title Insurance Company, Winnebago County Title Company, and TCF Bank regarding a mortgage on a property owned by Patricia Bartholomew. TCF Bank held the first mortgage on the property as a revolving line of credit. Winnebago acted as an agent in a second mortgage taken out by Bartholomew. Winnebago paid off the TCF Bank mortgage but TCF did not release its lien. Bartholomew then took out more funds through the revolving credit and defaulted. The court found that TCF Bank was not legally required to release the lien until the revolving credit was cancelled by Bartholomew. However
This document discusses several issues that arise in mortgage foreclosure cases when the original promissory note has been sold and transferred multiple times during the securitization process.
It notes that a high percentage of notes have been "lost or destroyed" during securitization. While UCC §3-309 provides a process for enforcing lost notes, the foreclosing party must prove they are the holder of the note. However, in many cases the chain of assignments is broken and it is impossible to prove who the real holder is.
The document examines issues of standing, pleading requirements that the real party in interest be named, and evidentiary problems when witnesses cannot directly testify to facts of the default but only what is stated in computer
The document discusses three legal issues:
1) Whether a finance company has an interest in a home entertainment system purchased from a retailer. Under Article 9 of the UCC, a security interest is created if there is a secured transaction, the interest is secured by attached and perfected collateral, and a security agreement identifies the collateral. Here, these conditions were likely met giving the finance company an interest in the system as part of the retailer's inventory.
2) Whether a will provision leaving property to a spouse is revoked by a subsequent divorce. Common law states a divorce alone does not revoke the will, but courts may consider the decedent's intent.
3) Whether shares of stock are included in a
This Supreme Court case addressed whether the Fifth Amendment's takings clause, which prohibits the taking of private property for public use without just compensation, applies to state governments or only limits the federal government. The Court held that the Bill of Rights, including the Fifth Amendment, was intended to restrict only the powers of the federal government and not state governments. The Constitution was ordained by the people to establish their own government, not to limit state governments, which each established their own constitutions. Therefore, the takings clause does not apply to legislation and actions taken by state governments.
This document summarizes three court cases from the Philippines related to political law and sovereign immunity:
1) USA vs. Ruiz - The US was not liable for damages when a Philippine company was not awarded a contract to repair wharves at a US naval base, as the contract related to the sovereign function of national defense, not a commercial activity.
2) Department of Agriculture vs. NLRC - The Department of Agriculture was not protected by sovereign immunity in a case regarding unpaid wages and benefits to security guards at its facilities, as it entered into an employment contract in a non-sovereign capacity.
3) Republic vs. Sandoval - The state was not liable for damages from the deaths
This document discusses various concepts relating to contracts and obligations under Philippine law. It covers topics such as grounds for damages in cases of fraud, negligence, or delay in contractual obligations. It also defines different types of damages and discusses the distinction between fraud (dolo) and negligence (culpa) as grounds for liability. Additionally, it summarizes the rights of creditors after pursuing a debtor's property, the presumption of payment if interest is not reserved, and the transmissibility of rights acquired from obligations.
This document summarizes key aspects of Book IV: Obligations and Contracts from the Civil Code of the Philippines. It defines an obligation as a juridical necessity to give, do, or not do something. Obligations can arise from law, contracts, quasi-contracts, crimes/offenses, and quasi-delicts. The nature and effects of obligations are also described, including how obligations are classified as pure or conditional, real or personal. Rules are provided for debtor/creditor rights and responsibilities in various obligation scenarios. Remedies for non-compliance like rescission, damages, and specific performance are also outlined.
This document summarizes a court case between First American Title Insurance Company, Winnebago County Title Company, and TCF Bank regarding a mortgage on a property owned by Patricia Bartholomew. TCF Bank held the first mortgage on the property as a revolving line of credit. Winnebago acted as an agent in a second mortgage taken out by Bartholomew. Winnebago paid off the TCF Bank mortgage but TCF did not release its lien. Bartholomew then took out more funds through the revolving credit and defaulted. The court found that TCF Bank was not legally required to release the lien until the revolving credit was cancelled by Bartholomew. However
This document discusses several issues that arise in mortgage foreclosure cases when the original promissory note has been sold and transferred multiple times during the securitization process.
It notes that a high percentage of notes have been "lost or destroyed" during securitization. While UCC §3-309 provides a process for enforcing lost notes, the foreclosing party must prove they are the holder of the note. However, in many cases the chain of assignments is broken and it is impossible to prove who the real holder is.
The document examines issues of standing, pleading requirements that the real party in interest be named, and evidentiary problems when witnesses cannot directly testify to facts of the default but only what is stated in computer
The document discusses three legal issues:
1) Whether a finance company has an interest in a home entertainment system purchased from a retailer. Under Article 9 of the UCC, a security interest is created if there is a secured transaction, the interest is secured by attached and perfected collateral, and a security agreement identifies the collateral. Here, these conditions were likely met giving the finance company an interest in the system as part of the retailer's inventory.
2) Whether a will provision leaving property to a spouse is revoked by a subsequent divorce. Common law states a divorce alone does not revoke the will, but courts may consider the decedent's intent.
3) Whether shares of stock are included in a
This Supreme Court case addressed whether the Fifth Amendment's takings clause, which prohibits the taking of private property for public use without just compensation, applies to state governments or only limits the federal government. The Court held that the Bill of Rights, including the Fifth Amendment, was intended to restrict only the powers of the federal government and not state governments. The Constitution was ordained by the people to establish their own government, not to limit state governments, which each established their own constitutions. Therefore, the takings clause does not apply to legislation and actions taken by state governments.
This document summarizes three court cases from the Philippines related to political law and sovereign immunity:
1) USA vs. Ruiz - The US was not liable for damages when a Philippine company was not awarded a contract to repair wharves at a US naval base, as the contract related to the sovereign function of national defense, not a commercial activity.
2) Department of Agriculture vs. NLRC - The Department of Agriculture was not protected by sovereign immunity in a case regarding unpaid wages and benefits to security guards at its facilities, as it entered into an employment contract in a non-sovereign capacity.
3) Republic vs. Sandoval - The state was not liable for damages from the deaths
This document discusses various concepts relating to contracts and obligations under Philippine law. It covers topics such as grounds for damages in cases of fraud, negligence, or delay in contractual obligations. It also defines different types of damages and discusses the distinction between fraud (dolo) and negligence (culpa) as grounds for liability. Additionally, it summarizes the rights of creditors after pursuing a debtor's property, the presumption of payment if interest is not reserved, and the transmissibility of rights acquired from obligations.
This document summarizes key aspects of Book IV: Obligations and Contracts from the Civil Code of the Philippines. It defines an obligation as a juridical necessity to give, do, or not do something. Obligations can arise from law, contracts, quasi-contracts, crimes/offenses, and quasi-delicts. The nature and effects of obligations are also described, including how obligations are classified as pure or conditional, real or personal. Rules are provided for debtor/creditor rights and responsibilities in various obligation scenarios. Remedies for non-compliance like rescission, damages, and specific performance are also outlined.
“Beware the 1099-C Trap” was published in Tickmarks Vol 55, No. 3 (Fall/Winter 2006), the Iowa Society of CPA’s semi-annual publication distributed to 4,400 members. This article is tailored to CPAs and highlights one of the many areas where tax compliance advice provided by CPAs converges with legal advice. It highlights one of the liability traps that awaits the inattentive CPA who strays into the realm of legal advice.
Constructive trusts arise by operation of law when it would be unfair for a person to deny a beneficial interest in property to another. There are two main types - institutional constructive trusts, which develop through case law, and remedial constructive trusts used to allocate property interests equitably when a relationship breaks down. Constructive trusts can arise in several situations, including when there is a breach of fiduciary duty, when strangers receive trust property knowing it was transferred in breach of trust, through agreements to create secret trusts or mutual wills, and when statutes are used as an "engine of fraud." Equitable principles prevent unjust enrichment through constructive trusts.
This document summarizes a court case involving loans provided by Carolyn Garcia to Rica Marie Thio. The key details are:
1) Garcia filed a complaint against Thio for failing to repay loans of $100,000 and 500,000 pesos plus interest.
2) Garcia alleged she loaned Thio $100,000 in February 1995 at 3% monthly interest, maturing in October 1995.
3) Garcia also loaned Thio 500,000 pesos in June 1995, with Thio paying 20,000 pesos monthly until November 1995.
4) The trial court ruled in Garcia's favor but the Court of Appeals overturned this decision, prompting Garcia's appeal.
Time Barred Mortgages in Bankruptcy 2.0Joseph Towne
This document discusses issues related to time barred mortgages in bankruptcy. It notes that both state and federal law are unclear on this issue. Filing a proof of claim on a time barred debt could violate the Fair Debt Collection Practices Act. The statute of limitations for mortgages in Florida is 5 years from acceleration, while the statute of repose is generally 20 years from execution. However, federal law may preempt these in some cases like with FDIC or SBA assigned mortgages. The document also discusses tolling provisions and issues around determining when a mortgage is time barred.
1) AMEX is not liable for damages because no contractual obligation existed between it and the credit card holder until AMEX approved the purchase request. Using a credit card to pay is merely an offer to enter a loan agreement, which only becomes binding once approved.
2) The case involved a large diamond purchase by a credit card holder on a European tour. It took AMEX 78 minutes to approve the purchase, causing the tour group to miss their departure time and become irritated.
3) The court distinguished the membership agreement providing credit from the actual loan agreement, which only arises after purchase approval. No breach of contract occurred as no binding loan agreement existed until after approval.
The document discusses the different types and sources of obligations under Philippine law. It begins by defining an obligation as a juridical necessity to give, do, or not do something. There are various kinds of obligations that can arise from law, contracts, quasi-contracts, criminal offenses, and quasi-delicts. For obligations arising from contracts, the parties are bound to comply with the terms in good faith as the contract is considered the law between them. Quasi-contracts involve lawful and voluntary acts that prevent unjust enrichment. Quasi-delicts refer to damage caused through negligence where there is no contractual relationship. The document outlines the various elements and types of obligations in detail.
This document discusses the capacity to contract under Indian law, specifically regarding minors (those under 18 years of age). It provides details on:
1) A minor's agreement is void according to a 1903 Privy Council case, meaning it cannot be enforced by law. However, a minor can be liable for necessaries (essential goods/services) supplied to them.
2) While a minor cannot be held liable for breaching a contract, they can be liable for torts (civil wrongs) that are totally independent of the contract, such as negligently killing a rented animal.
3) When an action in tort would indirectly enforce a contract, such as suing for fraud over a loan
The document discusses the legal and financial framework underlying the US prison system. It explains that courts operate under statute law, which includes bonds like statute merchant and statute staple that allowed creditors rights over debtors' property. It then outlines that the modern criminal legal system involves commercial statutes and bills of exchange, with the indictment as a three-party draft. Private prison corporations like CCA are publicly traded and their financial troubles, including mergers, lawsuits, and stock price declines are discussed.
Florida’s New Power of Attorney Law - Ten Things You Need to KnowFBass
The document summarizes 10 key things to know about Florida's new power of attorney law, which took effect in October 2011. It overhauled the state's power of attorney statutes and imposed new requirements. Existing powers of attorney signed before October 2011 are still valid, as are valid out-of-state powers of attorney, but the new law changes how powers of attorney must be executed and witnessed going forward. It also outlines new rules for agents, such as record keeping responsibilities, and the rights of third parties to accept or deny powers of attorney.
The document summarizes the key elements of a valid contract under Nepalese law:
1. Offer and acceptance between two parties with free consent are required. Consent must be free from coercion, undue influence, fraud or misrepresentation.
2. The terms of the contract must be certain and performance must be possible. Object and consideration must also be lawful.
3. Parties must have capacity to contract and intention to create legal obligations. Agreements may be invalid if illegal, against public policy, or create unreasonable restraint of trade.
4. Time, manner and place of performance are based on agreement or reasonableness. Damages for breach are compensatory, not punitive, and limited
This document summarizes key concepts related to obligations and contracts under Philippine law. It defines an obligation as a legal duty to give, do, or not do something. There are various types and sources of obligations, including those arising from law, contracts, quasi-contracts, criminal offenses, and quasi-delicts. Contracts create obligations and must be performed in good faith. Quasi-contracts are obligations from lawful, voluntary acts that unjustly enrich another. Criminal offenses can result in civil obligations, governed by penal laws. Quasi-delicts are obligations from fault or negligence that causes damage. The document provides examples and classifications to illustrate these various obligation concepts under Philippine civil law.
Barnes promised to pay for Gold's law school expenses if Gold maintained a 3.0 GPA. Gold relied on this promise by applying to and attending law school, taking out loans to pay for expenses. Barnes later refused to pay, citing financial issues. Gold is suing Barnes for promissory estoppel. A court will likely find promissory estoppel because Barnes made a clear promise to pay, expected Gold to rely on it due to their close friendship, and Gold's reliance in attending law school was reasonable and caused financial harm. The statute of limitations also does not bar the claim.
Consent, Free Consent and Factors Affecting Free ConsentAmitGuleria13
1) The document discusses the legal concepts of consent, free consent, and factors that can affect free consent in contract law.
2) It defines consent as parties agreeing to the same thing in the same sense. Free consent means consent is not obtained through coercion, undue influence, fraud, misrepresentation, or mistake.
3) Factors that can invalidate consent and affect free consent include coercion (threatening unlawful acts), undue influence (one party dominating the will of the other due to their relationship), and situations where a party has diminished mental capacity.
This document provides an overview of negotiable instruments and Article 3 of the Uniform Commercial Code (UCC). It discusses key concepts like promissory notes, negotiability, indorsement, holders in due course, presentment, and warranties. Some main points covered include:
- Article 3 of the UCC governs negotiable instruments and only applies to documents that promise payment of a fixed sum, like checks and promissory notes.
- For an instrument to be negotiable it must be transferable, allowing ownership to be passed from one party to another through delivery or indorsement.
- A holder in due course takes an instrument in good faith, for value, and without
T1, 2021 business law lecture 2 - contracts 1markmagner
This document provides an introduction to contract law. It defines a contract as an agreement between two or more parties that intends to create legal rights and obligations that can be enforced in court. Contracts can be classified as formal contracts, which do not require consideration, or simple contracts, which do require consideration from both parties. The essential elements for a valid contract are intention, agreement, consideration, capacity, consent, and legality. Intention refers to the parties intending to create legal relations. Agreement requires an offer from one party that is then accepted by the other party.
Legality of Consideration and Object of an AgreementAmitGuleria13
This document discusses the legality of consideration and object in agreements under Indian contract law. It states that for an agreement to be a valid contract, the consideration and object must be lawful. Consideration or object would be considered unlawful if it is forbidden by law, defeats the provisions of any law, is fraudulent, involves injury to another person or property, is regarded as immoral or opposed to public policy by the courts. If any part of the consideration or object is unlawful, the entire agreement is void. There are some exceptions for agreements made without consideration in certain circumstances defined in the Indian Contract Act 1872.
On July 1, Anderson sold D’Aveni, a jeweler, a necklace containing.docxcherishwinsland
On July 1, Anderson sold D’Aveni, a jeweler, a necklace containing imitation gems, which Anderson fraudulently represented to be diamonds. In payment for the necklace, D’Aveni executed and delivered to Anderson her promissory note for $25,000 dated July 1 and payable on December 1 to Anderson’s order with interest at 8 percent per annum. The note was thereafter successively indorsed in blank and delivered by Anderson to Bylinski, by Bylinski to Conrad, and by Conrad to Shearson, who became a holder in due course on August 10. On November 1, D’Aveni discovered Anderson’s fraud and immediately notified Anderson, Bylinski, Conrad, and Shearson that she would not pay the note when it became due. Bylinski, a friend of Shearson, requested that Shearson release him from liability on the note, and Shearson, as a favor to Bylinski and for no other consideration, struck out Bylinski’s indorsement. On November 15, Shearson, who was solvent and had no creditors, indorsed the note to the order of Frederick, his father, and delivered it to Frederick as a gift. At the same time, Shearson told Frederick of D’Aveni’s statement that D’Aveni would not pay the note when it became due. Frederick presented the note to D’Aveni for payment on December 1, but D’Aveni refused to pay. Thereafter, Frederick gave due notice of dishonor to Anderson, Bylinski, and Conrad. What are Frederick's rights, if any, against Anderson, Bylinski, Conrad, and D'Aveni on the note? Please explain.
Answer: Liability Based on Warranty. Frederick may recover from D'Aveni, Conrad, or Anderson. As a holder in due course, Shearson could have recovered against Anderson, Bylinski, Conrad, and D'Aveni. Anderson's fraud would not have been a defense to D'Aveni against Shearson. It was fraud in the inducement, a personal defense, rather than fraud in the execution. By striking Bylinski's indorsement, Shearson discharged Bylinski. Consideration was not required. The holder may effect discharge in any manner apparent on the face of the instrument or the endorsement. See Section 3-604. Bylinski's discharge was obvious upon examination of the note. Frederick is bound by Shearson's cancellation.
Discharging Bylinski without Conrad's consent under prior Article 3 acted also as a discharge of subsequent indorsers, who relied on Bylinski's signature and whose right of recourse against Bylinski has been destroyed. Section 3-606. Revised Article 3, Section 3-605(b), does not follow this rule and thus Conrad’s liability would not be discharged.
As a transferee from Shearson, however, Frederick has rights as a holder in due course. Under the shelter doctrine, a donee acquires a donor's rights unless the transferee was a party to the fraud affecting the note. Section 3-203(b). Frederick may recover on the note from D'Aveni, Anderson, or Conrad. Their liability is not joint, but several.
The problem does not seek an answer to whether Frederick could recover from Shearson. Shearson would .
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This case involves a mortgage taken out by Germaine Chad A. Jenkins that was later endorsed in blank to Chase Home Finance LLC. Standing requires a party to have a real interest or legal right in the subject matter of the case. As Germaine signed a promissory note agreeing to repay the mortgage, he does not have standing to challenge Chase's ownership. A blank endorsement specifies no particular endorsee and makes the note payable to whoever holds it. As Chase holds the note endorsed in blank by the original lender, they are entitled to enforce it against Germaine. In a similar scenario, if A pays B with a check, and B endorses it to pay C, then C can cash the check
Ethanolv.DrizinUnited States District Court, N.D. Iowa, Eastern .docxelbanglis
Ethanolv.Drizin
United States District Court, N.D. Iowa, Eastern DivisionFeb 7, 2006
No. C03-2021 (N.D. Iowa Feb. 7, 2006) Copy Citation
No. C03-2021.
February 7, 2006
Be a better lawyer. Casetext is legal research for lawyers who want do their best work.
ORDER
JOHN JARVEY, Magistrate Judge
This matter comes before the court pursuant to trial on the merits which commenced on January 23, 2006. The above-described parties have consented to jurisdiction before a United States Magistrate Judge pursuant to 28 U.S.C. § 636(c). The court finds in favor of the plaintiff and awards compensatory damages in the amount of $3,800,000 and punitive damages in the amount of $7,600,000.
NATURE OF THE CASE
In this case, the plaintiff brings numerous theories of recovery against defendant Jerry Drizin arising out of the misappropriation of escrow funds that were to serve as security for financing for the construction of an ethanol plant in Manchester, Iowa. The plaintiff contends that defendant Drizin, in concert with others, knowingly converted funds from an escrow account that were not to have been spent on anything without the plaintiff's prior written permission. Defendant Drizin contends that his only client and only duty of loyalty was to a Nigerian citizen living in Munich who caused the funds to be sent to bank accounts controlled by Defendant Drizin. The court makes the following findings of fact and conclusions of law.
FINDINGS OF FACT
In 2000 in Manchester, Iowa, farmer and President of the local Co-op, Douglas Bishop, began meeting with representatives of the United States Department of Agriculture to explore the feasibility of building an ethanol plant in the Manchester area. The idea was to assist farmers in the area in getting more value for their crops. An ethanol plant produces ethanol and feed grain which can be sold at a profit exceeding that associated with the mere sale of grain.
A series of 40 local meetings culminated in a membership drive. The Plaintiff, Northeast Iowa Ethanol, L.L.C., was later formed in order to sell 2500 shares of stock in the L.L.C. to raise funds for the financing of the plant. The construction of the plant was expected to cost $21 Million. It would have a capacity for producing 15 million gallons of ethanol per year. Through the meetings, Mr. Bishop and others raised $2,365,000. The average investor purchased two shares.
The membership drive ended in September 2001. The original plan was to begin construction in the fall of 2001 and have the plant operating by the fall of 2002. However, the issue of financing for the plant was more problematic than plaintiff had anticipated. Traditional lenders (banks) demanded that the plaintiff raise forty percent of the construction costs. It was clear that the plaintiff could not raise $8 Million. Plaintiff's proposed marketing partner, Williams Ethanol Services, agreed to invest $1 Million in the project. The contractor anticipated to build the facility, North Centr ...
Willey McKay, a football agent, won a substantial libel damages case against Express Newspapers. An article in the Daily Express falsely claimed McKay was under investigation for transfer fraud in France and his meeting with an inquiry in the UK was an "interrogation". McKay sued for libel and won damages. The newspaper accepted the allegations were untrue and agreed to pay McKay's legal costs.
In a separate case, a judge ruled that provisions allowing variation of periodic damages payments under the Damages Act 1996 could be used in non-exceptional circumstances. The Court of Appeal dismissed an appeal against this interpretation.
A third case discussed involved a borrower, Eric, who took out a loan for
“Beware the 1099-C Trap” was published in Tickmarks Vol 55, No. 3 (Fall/Winter 2006), the Iowa Society of CPA’s semi-annual publication distributed to 4,400 members. This article is tailored to CPAs and highlights one of the many areas where tax compliance advice provided by CPAs converges with legal advice. It highlights one of the liability traps that awaits the inattentive CPA who strays into the realm of legal advice.
Constructive trusts arise by operation of law when it would be unfair for a person to deny a beneficial interest in property to another. There are two main types - institutional constructive trusts, which develop through case law, and remedial constructive trusts used to allocate property interests equitably when a relationship breaks down. Constructive trusts can arise in several situations, including when there is a breach of fiduciary duty, when strangers receive trust property knowing it was transferred in breach of trust, through agreements to create secret trusts or mutual wills, and when statutes are used as an "engine of fraud." Equitable principles prevent unjust enrichment through constructive trusts.
This document summarizes a court case involving loans provided by Carolyn Garcia to Rica Marie Thio. The key details are:
1) Garcia filed a complaint against Thio for failing to repay loans of $100,000 and 500,000 pesos plus interest.
2) Garcia alleged she loaned Thio $100,000 in February 1995 at 3% monthly interest, maturing in October 1995.
3) Garcia also loaned Thio 500,000 pesos in June 1995, with Thio paying 20,000 pesos monthly until November 1995.
4) The trial court ruled in Garcia's favor but the Court of Appeals overturned this decision, prompting Garcia's appeal.
Time Barred Mortgages in Bankruptcy 2.0Joseph Towne
This document discusses issues related to time barred mortgages in bankruptcy. It notes that both state and federal law are unclear on this issue. Filing a proof of claim on a time barred debt could violate the Fair Debt Collection Practices Act. The statute of limitations for mortgages in Florida is 5 years from acceleration, while the statute of repose is generally 20 years from execution. However, federal law may preempt these in some cases like with FDIC or SBA assigned mortgages. The document also discusses tolling provisions and issues around determining when a mortgage is time barred.
1) AMEX is not liable for damages because no contractual obligation existed between it and the credit card holder until AMEX approved the purchase request. Using a credit card to pay is merely an offer to enter a loan agreement, which only becomes binding once approved.
2) The case involved a large diamond purchase by a credit card holder on a European tour. It took AMEX 78 minutes to approve the purchase, causing the tour group to miss their departure time and become irritated.
3) The court distinguished the membership agreement providing credit from the actual loan agreement, which only arises after purchase approval. No breach of contract occurred as no binding loan agreement existed until after approval.
The document discusses the different types and sources of obligations under Philippine law. It begins by defining an obligation as a juridical necessity to give, do, or not do something. There are various kinds of obligations that can arise from law, contracts, quasi-contracts, criminal offenses, and quasi-delicts. For obligations arising from contracts, the parties are bound to comply with the terms in good faith as the contract is considered the law between them. Quasi-contracts involve lawful and voluntary acts that prevent unjust enrichment. Quasi-delicts refer to damage caused through negligence where there is no contractual relationship. The document outlines the various elements and types of obligations in detail.
This document discusses the capacity to contract under Indian law, specifically regarding minors (those under 18 years of age). It provides details on:
1) A minor's agreement is void according to a 1903 Privy Council case, meaning it cannot be enforced by law. However, a minor can be liable for necessaries (essential goods/services) supplied to them.
2) While a minor cannot be held liable for breaching a contract, they can be liable for torts (civil wrongs) that are totally independent of the contract, such as negligently killing a rented animal.
3) When an action in tort would indirectly enforce a contract, such as suing for fraud over a loan
The document discusses the legal and financial framework underlying the US prison system. It explains that courts operate under statute law, which includes bonds like statute merchant and statute staple that allowed creditors rights over debtors' property. It then outlines that the modern criminal legal system involves commercial statutes and bills of exchange, with the indictment as a three-party draft. Private prison corporations like CCA are publicly traded and their financial troubles, including mergers, lawsuits, and stock price declines are discussed.
Florida’s New Power of Attorney Law - Ten Things You Need to KnowFBass
The document summarizes 10 key things to know about Florida's new power of attorney law, which took effect in October 2011. It overhauled the state's power of attorney statutes and imposed new requirements. Existing powers of attorney signed before October 2011 are still valid, as are valid out-of-state powers of attorney, but the new law changes how powers of attorney must be executed and witnessed going forward. It also outlines new rules for agents, such as record keeping responsibilities, and the rights of third parties to accept or deny powers of attorney.
The document summarizes the key elements of a valid contract under Nepalese law:
1. Offer and acceptance between two parties with free consent are required. Consent must be free from coercion, undue influence, fraud or misrepresentation.
2. The terms of the contract must be certain and performance must be possible. Object and consideration must also be lawful.
3. Parties must have capacity to contract and intention to create legal obligations. Agreements may be invalid if illegal, against public policy, or create unreasonable restraint of trade.
4. Time, manner and place of performance are based on agreement or reasonableness. Damages for breach are compensatory, not punitive, and limited
This document summarizes key concepts related to obligations and contracts under Philippine law. It defines an obligation as a legal duty to give, do, or not do something. There are various types and sources of obligations, including those arising from law, contracts, quasi-contracts, criminal offenses, and quasi-delicts. Contracts create obligations and must be performed in good faith. Quasi-contracts are obligations from lawful, voluntary acts that unjustly enrich another. Criminal offenses can result in civil obligations, governed by penal laws. Quasi-delicts are obligations from fault or negligence that causes damage. The document provides examples and classifications to illustrate these various obligation concepts under Philippine civil law.
Barnes promised to pay for Gold's law school expenses if Gold maintained a 3.0 GPA. Gold relied on this promise by applying to and attending law school, taking out loans to pay for expenses. Barnes later refused to pay, citing financial issues. Gold is suing Barnes for promissory estoppel. A court will likely find promissory estoppel because Barnes made a clear promise to pay, expected Gold to rely on it due to their close friendship, and Gold's reliance in attending law school was reasonable and caused financial harm. The statute of limitations also does not bar the claim.
Consent, Free Consent and Factors Affecting Free ConsentAmitGuleria13
1) The document discusses the legal concepts of consent, free consent, and factors that can affect free consent in contract law.
2) It defines consent as parties agreeing to the same thing in the same sense. Free consent means consent is not obtained through coercion, undue influence, fraud, misrepresentation, or mistake.
3) Factors that can invalidate consent and affect free consent include coercion (threatening unlawful acts), undue influence (one party dominating the will of the other due to their relationship), and situations where a party has diminished mental capacity.
This document provides an overview of negotiable instruments and Article 3 of the Uniform Commercial Code (UCC). It discusses key concepts like promissory notes, negotiability, indorsement, holders in due course, presentment, and warranties. Some main points covered include:
- Article 3 of the UCC governs negotiable instruments and only applies to documents that promise payment of a fixed sum, like checks and promissory notes.
- For an instrument to be negotiable it must be transferable, allowing ownership to be passed from one party to another through delivery or indorsement.
- A holder in due course takes an instrument in good faith, for value, and without
T1, 2021 business law lecture 2 - contracts 1markmagner
This document provides an introduction to contract law. It defines a contract as an agreement between two or more parties that intends to create legal rights and obligations that can be enforced in court. Contracts can be classified as formal contracts, which do not require consideration, or simple contracts, which do require consideration from both parties. The essential elements for a valid contract are intention, agreement, consideration, capacity, consent, and legality. Intention refers to the parties intending to create legal relations. Agreement requires an offer from one party that is then accepted by the other party.
Legality of Consideration and Object of an AgreementAmitGuleria13
This document discusses the legality of consideration and object in agreements under Indian contract law. It states that for an agreement to be a valid contract, the consideration and object must be lawful. Consideration or object would be considered unlawful if it is forbidden by law, defeats the provisions of any law, is fraudulent, involves injury to another person or property, is regarded as immoral or opposed to public policy by the courts. If any part of the consideration or object is unlawful, the entire agreement is void. There are some exceptions for agreements made without consideration in certain circumstances defined in the Indian Contract Act 1872.
On July 1, Anderson sold D’Aveni, a jeweler, a necklace containing.docxcherishwinsland
On July 1, Anderson sold D’Aveni, a jeweler, a necklace containing imitation gems, which Anderson fraudulently represented to be diamonds. In payment for the necklace, D’Aveni executed and delivered to Anderson her promissory note for $25,000 dated July 1 and payable on December 1 to Anderson’s order with interest at 8 percent per annum. The note was thereafter successively indorsed in blank and delivered by Anderson to Bylinski, by Bylinski to Conrad, and by Conrad to Shearson, who became a holder in due course on August 10. On November 1, D’Aveni discovered Anderson’s fraud and immediately notified Anderson, Bylinski, Conrad, and Shearson that she would not pay the note when it became due. Bylinski, a friend of Shearson, requested that Shearson release him from liability on the note, and Shearson, as a favor to Bylinski and for no other consideration, struck out Bylinski’s indorsement. On November 15, Shearson, who was solvent and had no creditors, indorsed the note to the order of Frederick, his father, and delivered it to Frederick as a gift. At the same time, Shearson told Frederick of D’Aveni’s statement that D’Aveni would not pay the note when it became due. Frederick presented the note to D’Aveni for payment on December 1, but D’Aveni refused to pay. Thereafter, Frederick gave due notice of dishonor to Anderson, Bylinski, and Conrad. What are Frederick's rights, if any, against Anderson, Bylinski, Conrad, and D'Aveni on the note? Please explain.
Answer: Liability Based on Warranty. Frederick may recover from D'Aveni, Conrad, or Anderson. As a holder in due course, Shearson could have recovered against Anderson, Bylinski, Conrad, and D'Aveni. Anderson's fraud would not have been a defense to D'Aveni against Shearson. It was fraud in the inducement, a personal defense, rather than fraud in the execution. By striking Bylinski's indorsement, Shearson discharged Bylinski. Consideration was not required. The holder may effect discharge in any manner apparent on the face of the instrument or the endorsement. See Section 3-604. Bylinski's discharge was obvious upon examination of the note. Frederick is bound by Shearson's cancellation.
Discharging Bylinski without Conrad's consent under prior Article 3 acted also as a discharge of subsequent indorsers, who relied on Bylinski's signature and whose right of recourse against Bylinski has been destroyed. Section 3-606. Revised Article 3, Section 3-605(b), does not follow this rule and thus Conrad’s liability would not be discharged.
As a transferee from Shearson, however, Frederick has rights as a holder in due course. Under the shelter doctrine, a donee acquires a donor's rights unless the transferee was a party to the fraud affecting the note. Section 3-203(b). Frederick may recover on the note from D'Aveni, Anderson, or Conrad. Their liability is not joint, but several.
The problem does not seek an answer to whether Frederick could recover from Shearson. Shearson would .
Case Study : Business Law I Essay
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This case involves a mortgage taken out by Germaine Chad A. Jenkins that was later endorsed in blank to Chase Home Finance LLC. Standing requires a party to have a real interest or legal right in the subject matter of the case. As Germaine signed a promissory note agreeing to repay the mortgage, he does not have standing to challenge Chase's ownership. A blank endorsement specifies no particular endorsee and makes the note payable to whoever holds it. As Chase holds the note endorsed in blank by the original lender, they are entitled to enforce it against Germaine. In a similar scenario, if A pays B with a check, and B endorses it to pay C, then C can cash the check
Ethanolv.DrizinUnited States District Court, N.D. Iowa, Eastern .docxelbanglis
Ethanolv.Drizin
United States District Court, N.D. Iowa, Eastern DivisionFeb 7, 2006
No. C03-2021 (N.D. Iowa Feb. 7, 2006) Copy Citation
No. C03-2021.
February 7, 2006
Be a better lawyer. Casetext is legal research for lawyers who want do their best work.
ORDER
JOHN JARVEY, Magistrate Judge
This matter comes before the court pursuant to trial on the merits which commenced on January 23, 2006. The above-described parties have consented to jurisdiction before a United States Magistrate Judge pursuant to 28 U.S.C. § 636(c). The court finds in favor of the plaintiff and awards compensatory damages in the amount of $3,800,000 and punitive damages in the amount of $7,600,000.
NATURE OF THE CASE
In this case, the plaintiff brings numerous theories of recovery against defendant Jerry Drizin arising out of the misappropriation of escrow funds that were to serve as security for financing for the construction of an ethanol plant in Manchester, Iowa. The plaintiff contends that defendant Drizin, in concert with others, knowingly converted funds from an escrow account that were not to have been spent on anything without the plaintiff's prior written permission. Defendant Drizin contends that his only client and only duty of loyalty was to a Nigerian citizen living in Munich who caused the funds to be sent to bank accounts controlled by Defendant Drizin. The court makes the following findings of fact and conclusions of law.
FINDINGS OF FACT
In 2000 in Manchester, Iowa, farmer and President of the local Co-op, Douglas Bishop, began meeting with representatives of the United States Department of Agriculture to explore the feasibility of building an ethanol plant in the Manchester area. The idea was to assist farmers in the area in getting more value for their crops. An ethanol plant produces ethanol and feed grain which can be sold at a profit exceeding that associated with the mere sale of grain.
A series of 40 local meetings culminated in a membership drive. The Plaintiff, Northeast Iowa Ethanol, L.L.C., was later formed in order to sell 2500 shares of stock in the L.L.C. to raise funds for the financing of the plant. The construction of the plant was expected to cost $21 Million. It would have a capacity for producing 15 million gallons of ethanol per year. Through the meetings, Mr. Bishop and others raised $2,365,000. The average investor purchased two shares.
The membership drive ended in September 2001. The original plan was to begin construction in the fall of 2001 and have the plant operating by the fall of 2002. However, the issue of financing for the plant was more problematic than plaintiff had anticipated. Traditional lenders (banks) demanded that the plaintiff raise forty percent of the construction costs. It was clear that the plaintiff could not raise $8 Million. Plaintiff's proposed marketing partner, Williams Ethanol Services, agreed to invest $1 Million in the project. The contractor anticipated to build the facility, North Centr ...
Willey McKay, a football agent, won a substantial libel damages case against Express Newspapers. An article in the Daily Express falsely claimed McKay was under investigation for transfer fraud in France and his meeting with an inquiry in the UK was an "interrogation". McKay sued for libel and won damages. The newspaper accepted the allegations were untrue and agreed to pay McKay's legal costs.
In a separate case, a judge ruled that provisions allowing variation of periodic damages payments under the Damages Act 1996 could be used in non-exceptional circumstances. The Court of Appeal dismissed an appeal against this interpretation.
A third case discussed involved a borrower, Eric, who took out a loan for
This document summarizes a court case regarding a contract made between William E. Story and his nephew William E. Story Jr. The uncle promised to pay his nephew $5,000 if he refrained from drinking, smoking, swearing and gambling until age 21. The nephew fulfilled his end of the bargain. The court found this promise was supported by valid consideration as the nephew gave up his legal right to engage in these activities in exchange for the money. Precedent cases supported that refraining from legal activities can be consideration. Therefore, the uncle's estate was obligated to pay the $5,000 to the nephew.
Ethanolv.DrizinUnited States District Court, N.D. Iowa, Eastern .docxdebishakespeare
Ethanolv.Drizin
United States District Court, N.D. Iowa, Eastern DivisionFeb 7, 2006
No. C03-2021 (N.D. Iowa Feb. 7, 2006) Copy Citation
No. C03-2021.
February 7, 2006
Be a better lawyer. Casetext is legal research for lawyers who want do their best work.
ORDER
JOHN JARVEY, Magistrate Judge
This matter comes before the court pursuant to trial on the merits which commenced on January 23, 2006. The above-described parties have consented to jurisdiction before a United States Magistrate Judge pursuant to 28 U.S.C. § 636(c). The court finds in favor of the plaintiff and awards compensatory damages in the amount of $3,800,000 and punitive damages in the amount of $7,600,000.
In this case, the plaintiff brings numerous theories of recovery against defendant Jerry Drizin arising out of the misappropriation of escrow funds that were to serve as security for financing for the construction of an ethanol plant in Manchester, Iowa. The plaintiff contends that defendant Drizin, in concert with others, knowingly converted funds from an escrow account that were not to have been spent on anything without the plaintiff's prior written permission. Defendant Drizin contends that his only client and only duty of loyalty was to a Nigerian citizen living in Munich who caused the funds to be sent to bank accounts controlled by Defendant Drizin. The court makes the following findings of fact and conclusions of law.
In 2000 in Manchester, Iowa, farmer and President of the local Co-op, Douglas Bishop, began meeting with representatives of the United States Department of Agriculture to explore the feasibility of building an ethanol plant in the Manchester area. The idea was to assist farmers in the area in getting more value for their crops. An ethanol plant produces ethanol and feed grain which can be sold at a profit exceeding that associated with the mere sale of grain.
A series of 40 local meetings culminated in a membership drive. The Plaintiff, Northeast Iowa Ethanol, L.L.C., was later formed in order to sell 2500 shares of stock in the L.L.C. to raise funds for the financing of the plant. The construction of the plant was expected to cost $21 Million. It would have a capacity for producing 15 million gallons of ethanol per year. Through the meetings, Mr. Bishop and others raised $2,365,000. The average investor purchased two shares.
The membership drive ended in September 2001. The original plan was to begin construction in the fall of 2001 and have the plant operating by the fall of 2002. However, the issue of financing for the plant was more problematic than plaintiff had anticipated. Traditional lenders (banks) demanded that the plaintiff raise forty percent of the construction costs. It was clear that the plaintiff could not raise $8 Million. Plaintiff's proposed marketing partner, Williams Ethanol Services, agreed to invest $1 Million in the project. The contractor anticipated to build the facility, North Central Construction from North Dakota,.
The document discusses Indian succession laws and wills. It provides information on:
1) Indian succession laws govern the distribution of a person's property after death if they do not have a will. People should make wills to ensure their wishes are followed.
2) Indian Succession Act 1925 applies to wills made by certain religious groups. A will must be signed by the testator and witnessed by two people.
3) A will sets out how a person's assets will be distributed after their death. It should specify beneficiaries, executors, and guardians for minor children.
AMENDED MOTION TO STRIKE OPPOSITION TO PETITION FOR WRIT OF CERTIORARIFinni Rice
This document is an amended motion to strike an opposition brief filed in the Supreme Court of the United States. The petitioner, Kimberly Cox, argues that the opposition brief should be stricken for several reasons, including that the entities filing the opposition, NewRez LLC and The Bank of New York Mellon, lack standing because they were not named as respondents in the petition and were not involved in the underlying legal proceedings. Cox also argues that the corporate disclosure filed with the opposition is incomplete and misleading. The motion provides detailed arguments supporting Cox's position that the opposition brief should be stricken from the record.
Chicago Daily Law Bulletin - Complicated case spells out principles on unjusPaul Porvaznik
The appellate court provided guidance on unjust enrichment and constructive trusts through a complicated case involving a commercial tenant's bankruptcy. The landlord had been assigned the approved claim in bankruptcy court but kept the funds rather than assigning them to the lender as stipulated. The court found the landlord was bound by the stipulation and unjustly enriched itself by keeping the funds. A constructive trust was imposed because it would be unfair to allow the landlord to retain possession of funds that should have gone to the lender per the stipulation. The case clarified the elements and application of unjust enrichment and constructive trusts.
Deferred indefeasibility and mortgage prioritiesRichard Saad
The document summarizes a presentation given by Simon about a recent court case, CIBC Mortgages Inc. v. Computershare Trust Company, that impacted mortgage priorities. The case involved a fraudulent discharge of a first mortgage by a borrower ("the Fraudster") that allowed them to take out new mortgages. The court ruled that the second mortgagee, CIBC, should have investigated the circumstances of the fraudulent discharge and therefore their mortgage was demoted to second priority, restoring the original first mortgage. This sets a precedent that lenders may not fully rely on land title records and raises questions about the level of diligence now required when granting mortgages.
A minor is not competent to enter into a contract. An agreement made by a minor is void. However, a minor can be reimbursed for necessaries supplied that are suited to their condition in life from their property. A minor may also be admitted to the benefits of a partnership with consent of all partners but is not personally liable for acts of the firm. On attaining majority, a minor admitted to partnership benefits can choose to become a partner within 6 months or leave the firm.
Negotiable instruments bar exam guide(2)Datt Kalbit
The document provides a guide for the negotiable instruments section of the Louisiana bar exam. It summarizes that the exam focuses on three key topics: negotiability, holder in due course status, and checks. It provides examples of questions testing these concepts and sample answers. The answers demonstrate applying the legal requirements to the facts in a straightforward manner to determine if an instrument is negotiable or if a party is a holder in due course. While some facts may be confusing, the legal issues involved are not inherently difficult.
When HOA liens compete with an IRS income tax lien on real property, which has priority? This presentation offers analysis and a case study discussing the issues.
Settlement Agreement Executed by all parties.pdfjamesmaredmond
This settlement agreement resolves a dispute between the California Attorney General and the Lithuanian Assistance Foundation regarding the Foundation's use of charitable assets. Key points:
1) The Foundation will dissolve and remaining assets will be transferred to the California Community Foundation to benefit Lithuanian orphans, children, and the village of Zelva.
2) The Foundation parties will pay $7.2 million to the Attorney General to reimburse investigation costs and support the new charitable fund.
3) Foundation directors agree not to serve on other charity boards in California and must complete training.
4) The agreement establishes a payment schedule and credits for timely payments to resolve the matter without litigation.
The document provides an overview of the Negotiable Instruments Act 1881 in India. It discusses:
1) The history leading to the development and implementation of the Act in 1881 to standardize rules around negotiable instruments like promissory notes and bills of exchange.
2) Key definitions in the Act including what makes an instrument negotiable based on certain conditions, and definitions of holders in due course.
3) Essential elements for an instrument to be considered negotiable, including being in writing, unconditional promises to pay, and ability to transfer ownership through endorsement and delivery.
1) Edward Slater purchased a boat in New Jersey and financed it through Howell State Bank, which filed a financing statement in New Jersey. Subsequently, Slater moved the boat to New York. Howell State Bank's security interest would not be perfected in New York because it did not file in that state, as the boat was moved there after the original filing.
Similar to Uop acc 543 week 4 exam new syllabus (19)
This document provides information about an assignment for ACC 100 Week 8 at Kalpan University. The assignment asks students to research and write a 1-2 page paper describing at least two career options in accounting and one specific accounting position. For the position, students must explain the skills needed and how the position would add value to a company. At least two quality academic resources must be used. The paper must follow APA formatting guidelines and include a cover page. The assignment aims to help students identify accounting concepts, use technology to research accounting issues, and write clearly about financial accounting.
This document provides instructions for an assignment to evaluate an effective leader and create a leadership profile. Students are asked to choose a leader who has influenced them, explain how the leader affected them and what characteristics make the leader effective. They then need to create a leadership scorecard to assess the leader across important competencies and critique the leader's skills against what they have learned in the course. The final paper should be 5-6 pages and include references from the course materials and other sources to build a leadership profile of the chosen leader.
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This document discusses how mental accounting impacts consumer decision making. It explains that people value gains and losses differently depending on the scenario, such as choosing a guaranteed $10 prize over a 50% chance of winning $20 even though the expected values are the same. The document provides assignment questions about mental accounting, how companies can take advantage of it, and how consumers can avoid its pitfalls. Students are asked to write a 3-5 page paper addressing these questions and citing sources using APA format.
This document provides instructions for Assignment 2 of Module 2. Students are asked to reflect on a time when their decision making went awry due to social influences, persuasion, or risk taking. They can choose an example from their personal or business experience, or write about a decision described in a journal article. The 3-5 page paper should describe the scenario, decision making process, risks, and social factors involved. It should also analyze the incentives, risks, biases, and challenges to sound decision making in the scenario. Finally, students should critique the decision making process and identify any mistakes made.
Moneyball, a book by Michael Lewis, highlights how the Oakland A's developed a new analytical approach to talent evaluation in baseball by focusing on overlooked statistical measures. This new sabermetric approach was a shock to other baseball executives who relied more on conventional scouting. The book also shows how cognitive biases can negatively impact decision-making. It examines how the A's general manager, Billy Beane, was more effective by constructing a framework highlighting the differences between his team's analytical approach and other executives' heuristics. Moneyball also illustrates how people tend to overestimate success and face financial losses by ignoring evidence, as teams did by forfeiting millions by not adopting the A's strategy.
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Training: ISO/IEC 27001 Information Security Management System - EN | PECB
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This presentation was provided by Racquel Jemison, Ph.D., Christina MacLaughlin, Ph.D., and Paulomi Majumder. Ph.D., all of the American Chemical Society, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...EduSkills OECD
Andreas Schleicher, Director of Education and Skills at the OECD presents at the launch of PISA 2022 Volume III - Creative Minds, Creative Schools on 18 June 2024.
Elevate Your Nonprofit's Online Presence_ A Guide to Effective SEO Strategies...TechSoup
Whether you're new to SEO or looking to refine your existing strategies, this webinar will provide you with actionable insights and practical tips to elevate your nonprofit's online presence.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
1. UOP ACC 543 Week 4 Exam New Syllabus
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On February 15, 1993, P.D. Stone obtained the
following instrument from Astor Co. for
$1,000.Stone was aware that Helco, Inc., disputed
liability under the instrument because of an
alleged breach by Astor of the referenced
computer purchase agreement. On March 1, 1993,
Willard Bank obtained the instrument from Stone
for $3,900. Willard had no knowledge that Helco
disputed liability under the instrument.The
reverse side of the instrument is indorsed as
follows:The instrument is
Under the Negotiable Instruments Article of the
UCC, an instrument will be precluded from being
negotiable if the instrument
2. Which of the following negotiable instruments is
subject to the UCC Negotiable Instruments Article?
On February 15, 1993, P.D. Stone obtained the
following instrument from Astor Co. for $1,000.
Stone was aware that Helco, Inc. disputed liability
under the instrument because of an alleged breach
by Astor of the referenced computer purchase
agreement. On March 1, 1993, Willard Bank
obtained the instrument from Stone for $3,900.
Willard had no knowledge that Helco disputed
liability under the instrument.The reverse side of
the instrument is indorsed as follows:The
instrument is a
Which of the following negotiable instruments is
subject to the provisions of the UCC Negotiable
Instruments Article?
Below is a copy of a note Prestige Properties
obtained from Tim Hart in connection with Hart's
purchase of land located in Hunter, MT. This note
is a
Which of the following conditions, if present on an
otherwise negotiable instrument, would affect the
instrument's negotiability?
3. Under the Negotiable Instruments Article of the
UCC, which of the following instruments is
classified as a promise to pay?
Under the Negotiable Instruments Article of the
UCC, the proper party to whom a check is
presented for payment is
Under the Negotiable Instruments Article of the
UCC, which of the following documents would be
considered an order to pay?
A $5,000 promissory note payable to the order of
Neptune is discounted to Bane by blank
indorsement for $4,000. King steals the note from
Bane and sells it to Ott who promises to pay King
$4,500.After paying King $3,000,Ott learns that
King stole the note. Ott makes no further payment
to King. Ott is
Under the Negotiable Instruments Article of the
UCC, which of the following circumstances would
prevent a person from becoming a holder in due
course of an instrument?
Under the Negotiable Instruments Article of the
UCC, which of the following requirements must be
met for a transferee of order paper to become a
holder?
4. Ashley needs to indorse a check that had been
indorsed by two other individuals prior to Ashley's
receipt of the check. Ashley does not want to have
surety liability, so Ashley indorses the check
"without recourse." Under the Negotiable
Instruments Article of the UCC, which of the
following types of indorsement did Ashley make?
On February 15, 1993, P.D. Stone obtained the
following instrument from Astor Co. for
$1,000.Stone was aware that Helco, Inc. disputed
liability under the instrument because of an
alleged breach by Astor of the referenced
computer purchase agreement. On March 1, 1993,
Willard Bank obtained the instrument from Stone
for $3,900.Willard had no knowledge that Helco
disputed liability under the instrument.The
reverse side of the instrument is indorsed as
follows:Which of the following statements is
correct?
Under the Negotiable Instruments Article of the
UCC, when an instrument is indorsed "Pay to John
Doe" and signed "Faye Smith," which of the
following statements is(are) correct?
5. Under the Negotiable Instruments Article of the
UCC, an indorsement of an instrument "for deposit
only" is an example of what type of indorsement?
The following note was executed by Elizabeth
Quinton on April 17, 1990, and delivered to Ian
Wolf:
In sequence, beginning with Wolf's receipt of the
note, this note is properly characterized as what
type of commercial paper?
Under the Negotiable Instruments Article of the
UCC, which of the indorser's liabilities are
disclaimed by a "without recourse" indorsement?
Train issued a note payable to Blake in payment of
contracted services that Blake was to perform.
Blake indorsed the note "pay to bearer" and
delivered it to Reed in satisfaction of a debt owed
Reed. Train refused to pay Reed on the note
because Blake had not yet performed the services.
Under the Negotiable Instruments Article of the
UCC, must Train pay Reed?
Ball borrowed $10,000 from Link. Ball, unable to
repay the debt on its due date, fraudulently
induced Park to purchase a piece of worthless
costume jewelry for $10,000. Ball had Park write a
check for that amount naming Link as the payee.
6. Ball gave the check to Link in satisfaction of the
debt Ball owed Link. Unaware of Ball's fraud, Link
cashed the check. When Park discovered Ball's
fraud, Park demanded that Link repay the
$10,000. Under the Negotiable Instruments Article
of the UCC, will Link be required to repay Park?
Under the Negotiable Instruments Article of the
UCC, which of the following requirements must be
met for a person to be a holder in due course of a
promissory note?
The holder must be the payee of the note.
The following indorsements appear on the back of
a negotiable promissory note payable to Lake
Corp.Which of the following statements is correct?
Jacobs gave the check to his son as a gift, who
transferred it to Anchor for $78.00. Which of the
following statements is correct?
Under the Negotiable Instruments Article of the
UCC, what kind of indorsement is made by the use
of the words "Lee Louis"?
West Corp. received a check that was originally
made payable to the order of one of its customers,
Ted Burns. The following indorsement was written
7. on the back of the check:Which of the following
describes the indorsement?
Janice owes Jake $120,000. Jake cashes the check
45 days after receiving it. Janice's bank fails. The
FDIC will cover $100,000. Janice
Horton wrote a check for $50,000 to Wallace who
in turn indorsed it to Halbert. When Halbert
presented the check to the bank it was dishonored
because of insufficient funds. Which of the
following statements is correct?
Bart presented a negotiable demand note
supposedly signed by Alice as maker to Alice for
payment. Alice claimed the note was a forgery and
refused to pay it. Which of the following is correct?
Under the Negotiable Instruments Article of the
UCC, which of the following parties has secondary
liability on an instrument?
Which of the following parties has (have) primary
liability on a negotiable instrument?
To the extent that a holder of a negotiable
promissory note is a holder in due course, the
holder takes the note free of which of the following
defenses?
8. Cobb gave Garson a signed check with the amount
payable left blank. Garson was to fill in, as the
amount, the price of fuel oil Garson was to deliver
to Cobb at a later date. Garson estimated the
amount at $700, but told Cobb it would be no more
than $900. Garson did not deliver the fuel oil, but
filled in the amount of $1,000 on the check. Garson
then negotiated the check to Josephs in
satisfaction of a $500 debt with the $500 balance
paid to Garson in cash. Cobb stopped payment and
Josephs is seeking to collect $1,000 from Cobb.
Cobb's maximum liability to Josephs will be
A maker of a note will have a valid defense against
a holder in due course as a result of any of the
following conditions except
On February 15, 1993, P.D. Stone obtained the
following instrument from Astor Co. for $1,000.
Stone was aware that Helco, Inc., disputed liability
under the instrument because of an alleged breach
by Astor of the referenced computer purchase
agreement. On March 1, 1993, Willard Bank
obtained the instrument from Stone for $3,900.
Willard had no knowledge that Helco disputed
liability under the instrument.The reverse side of
the instrument is indorsed as follows:If Willard
9. Bank demands payment from Helco and Helco
refuses to pay the instrument because of Astor's
breach of the computer purchase agreement,
which of the following statements would be
correct?
Robb, a minor, executed a promissory note
payable to bearer and delivered it to Dodsen in
payment for a stereo system. Dodsen negotiated
the note for value to Mellon by delivery alone and
without indorsement. Mellon indorsed the note in
blank and negotiated it to Bloom for value.
Bloom's demand for payment was refused by Robb
because the note was executed when Robb was a
minor. Bloom gave prompt notice of Robb's default
to Dodsen and Mellon. None of the holders of the
note were aware of Robb's minority. Which of the
following parties will be liable to Bloom?
Under the Negotiable Instruments Article of the
UCC, in a nonconsumertransaction, which of the
following are real defenses available against a
holder in due course?
A seller and buyer enter into an international
contract for the sale of goods involving a large
amount of money. They agree to finance the sale
10. by a letter of credit. Which of the following is
correct?
Which of the following statements concerning a
letter of credit is correct?
Under the Documents of Title Article of the UCC,
which of the following statements is(are) correct
regarding a common carrier's duty to deliver
goods subject to a negotiable, bearer bill of lading?
Under a nonnegotiable bill of lading, a carrier who
accepts goods for shipment must deliver the goods
to
Under the Documents of Title Article of the UCC, a
negotiable document of title is "duly negotiated"
when it is negotiated to
Burke stole several negotiable warehouse receipts
from Grove Co. The receipts were deliverable to
Grove's order. Burke indorsed Grove's name and
sold the warehouse receipts to Federated
Wholesalers, a bona fide purchaser.In an action by
Federated against Grove,
Under the Documents of Title Article of the UCC,
which of the following terms must be contained in
a warehouse receipt?
11. Which of the following statements is correct
concerning a bill of lading in the possession of
Major Corp. that was issued by a common carrier
and provides that the goods are to be delivered "to
bearer"?
Which of the following statements is correct
concerning a common carrier that issues a bill of
lading stating that the goods are to be delivered
"to the order of Ajax"?
Creditor A agreed to loan Debtor D the money for
the purchase of inventory. Debtor D signed a
security agreement on October 1. Creditor A filed a
financing statement on the goods on October 2.
The inventory was shipped FOB place of shipment
on October 5. When did the security interest
attach?
Under the Secured Transactions Article of the UCC,
all of the following are needed to create
enforceable security interest except
Under the Secured Transactions Article of the UCC,
which of the following security agreements does
NOT need to be in writing to be enforceable?
Under the Secured Transactions Article of the UCC,
which of the following statements is correct
12. regarding a security interest that has not
attached?
Under the Secured Transactions article of the UCC,
when does a security interest become enforceable?
Under the UCC Secured Transactions Article, which
of the following events will always prevent a
security interest from attaching?
Under the UCC Secured Transactions Article, when
collateral is in a secured party's possession, which
of the following conditions must also be satisfied
to have attachment?
Under the Secured Transactions Article of the UCC,
what secured transaction document must be
signed by the debtor?
Under the Secured Transactions Article of the UCC,
which of the following requirements is necessary
to have a security interest attach?
Grey Corp. sells computers to the public. Grey sold
and delivered a computer to West on credit. West
executed and delivered to Grey a promissory note
for the purchase price and a security agreement
covering the computer. West purchased the
computer for personal use. Grey did not file a
13. financing statement.Is Grey's security interest
perfected?
Which of the following requires a filing for
perfection?
Sun, Inc., manufactures and sells household
appliances on credit directly to wholesalers,
retailers, and consumers.Sun can perfect its
security interest in the appliances without having
to file a financing statement or take possession of
the appliances if the sale is made by Sun to
Which of the following transactions would
illustrate a secured party perfecting its security
interest by taking possession of the collateral?
Under the UCC Secured Transactions Article, which
of the following must be included in the financing
statement?
Mars, Inc., manufactures and sells VCRs on credit
directly to wholesalers, retailers, and consumers.
Mars can perfect its security interest in the VCRs it
sells without having to file a financing statement
or take possession of the VCRs if the sale is made
to
14. The Smiths are remodeling their kitchen and want
to purchase new appliances: a large refrigerator-
freezer, microwave oven, dishwasher, garbage
disposal, and stove-oven. Z Bank has advertised a
special consumer loan rate, and AP Appliances has
great discount rates on appliances. The Smiths can
only pay AP Appliances 20% of the purchase price.
AP Appliances' credit rates are higher than Z
Bank's consumer loan rates. The Smiths sign a
security agreement putting up the to-be-
purchased listed appliances as security, and Z
Bank issues a check for the balance payable to AP
Appliances and the Smiths. Which of the following
statements is correct?
Under the Secured Transactions Article of the UCC,
which of the following items can usually be
excluded from a filed original financing statement?
Jones lives in Oklahoma and is the owner of a large
number of valuable antiques. Treasures Delight,
located in Arkansas, is a seller of antiques.
Treasures Delight is owned by Sally Delight.
Delight offers to purchase all of the antiques
owned by Jones paying 60% of the agreed price
and, by agreement, signs a security agreement for
the balance putting up her entire inventory as
security. The security agreement provides for
15. monthly payments. Which of the following is
correct?
Under the UCC Secured Transactions Article, what
is the order of priority for the following security
interests in store equipment?
Under the UCC Secured Transactions Article, which
of the following after-acquired property may be
attached to a security agreement given to a
secured lender?
On July 8, Ace, a refrigerator wholesaler,
purchased 50 refrigerators. This comprised Ace's
entire inventory and was financed under an
agreement with Rome Bank that gave Rome a
security interest in all refrigerators on Ace's
premises, all future acquired refrigerators, and the
proceeds of sales. On July 12, Rome filed a
financing statement that adequately identified the
collateral. On August 15, Ace sold one refrigerator
to Cray for personal use and four refrigerators to
Zone Co. for its business.Which of the following
statements is correct?
Under the UCC Secured Transaction Article, what is
the effect of perfecting a security interest by filing
a financing statement?
16. Vista is a wholesale seller of microwave ovens.
Vista sold 50 microwave ovens to Davis Appliance
for $20,000. Davis paid $5,000 down and signed a
promissory note for the balance. Davis also
executed a security agreement giving Vista a
security interest in Davis' inventory, including the
ovens. Assuming Vista is a partnership, which of
the following statements is correct?
Wine purchased a computer using the proceeds of
a loan from MJC Finance Company. Wine gave MJC
a security interest in the computer. Wine executed
a security agreement and financing statement,
which was filed by MJC. Wine used the computer to
monitor Wine's personal investments. Later, Wine
sold the computer to Jacobs for Jacobs' family use.
Jacobs was unaware of MJC's security interest.
Wine now is in default under the MJC loan.May MJC
repossess the computer from Jacobs?
Noninventory goods were purchased and
delivered on June 15. Several security interests
exist in these goods.Which of the following
security interests has priority over the others?
A debtor purchased an LCD television from Best
Buy for $1,000. BestBuy financed the transaction.
With finance charges, the total cost of the financing
17. is $1,200. After the debtor has paid $600, he
defaults on the payment and BestBuy repossesses
the TV. BestBuy has decided to keep the TV as a
floor display model. The debtor believes it would
be best if BestBuy sold the TV.
A debtor is in default. The collateral consists of
100 cows described in the security agreement.
Thirty cows were stolen through no fault of the
debtor. Which of the following statements is
correct concerning the secured party's rights due
to the debtor's default?
Under the UCC Secured Transactions Article, if a
debtor is in default under a payment obligation
secured by goods, the secured party has the right
to
Under the Secured Transactions Article of the UCC,
which of the following remedies is available to a
secured creditor when a debtor fails to make a
payment when due?
Drew bought a computer for personal use from
Hale Corp. for $3,000. Drew paid $2,000 in cash
and signed a security agreement for the balance.
Hale properly filed the security agreement. Drew
defaulted in paying the balance of the purchase
price. Hale asked Drew to pay the balance. When
18. Drew refused, Hale peacefully repossessed the
computer.Under the UCC Secured Transactions
Article, which of the following remedies will Hale
have?
In what order are the following obligations paid
after a secured creditor rightfully sells the
debtor's collateral after repossession?
Under the UCC Secured Transactions Article, which
of the following statements is correct concerning
the disposition of collateral by a secured creditor
after a debtor's default?
Edwards Corp. lent Lark $200,000. At Edwards'
request, Lark entered into an agreement with
Owen and Ward for them to act as compensated
co-sureties on the loan in the amount of $200,000
each.If Edwards releases Ward without Owen's or
Lark's consent, and Lark later defaults, which of
the following statements is correct?
Mane Bank lent Eller $120,000 and received
securities valued at $30,000 as collateral. At
Mane's request, Salem and Rey agreed to act as
uncompensated co-securities on the loan. The
agreement provided that Salem's and Rey's
maximum liability would be $120,000 each. Mane
released Rey without Salem's consent. Eller later
19. defaulted when the collateral held by Mane was
worthless and the loan balance was
$90,000.Salem's maximum liability is
Lane accepted the commitments of the sureties
and made the loan to Turner. After paying ten
installments totaling $100,000, Turner defaulted.
Clark's debts, including the surety obligation to
Lane on the Turner loan, were discharged in
bankruptcy. Later, Rivers properly paid the entire
outstanding debt of $140,000.What amount may
Rivers recover from Zane?
Which of the following rights does one cosurety
generally have against another cosurety?
Sorus and Ace have agreed, in writing, to act as
guarantors of collection on a debt owed by Pepper
to Towns, Inc. The debt is evidenced by a
promissory note.If Pepper defaults, Towns will be
entitled to recover from Sorus and Ace unless
Ivor borrowed $420,000 from Lear Bank. At Lear's
request, Ivor entered into an agreement with Ash,
Kane, and Queen for them to act as co-sureties on
the loan. The agreement between Ivor and the co-
sureties provided that the maximum liability of
each co-surety was: Ash, $84,000; Kane, $126,000;
and Queen, $210,000. After making several
20. payments, Ivor defaulted on the loan. The balance
was $280,000.If Queen pays $210,000 and Ivor
subsequently pays $70,000, what amounts may
Queen recover from Ash and Kane?
Camp orally guaranteed payment of a loan Camp's
cousin Wilcox had obtained from Camp's friend
Main. The loan was to be repaid in 10 monthly
payments. After making 6 payments, Wilcox
defaulted on the loan and Main demanded that
Camp honor the guarantee. Regarding Camp's
liability to Main, Camp is
Nash, Owen, and Polk are co-sureties with
maximum liabilities of $40,000, $60,000, and
$80,000, respectively. The amount of the loan on
which they have agreed to act as co-sureties is
$180,000. The debtor defaulted at a time when the
loan balance was $180,000. Nash paid the lender
$36,000 in full settlement of all claims against
Nash, Owen, and Polk.The total amount that Nash
may recover from Owen and Polk is
A party contracts to act as a surety for the
collection of the debts of another. As a result of the
suretyship agreement, which of the following
statements is correct?
21. Wright cosigned King's loan from Ace Bank. Which
of the following events would release Wright from
the obligation to pay the loan?
State refused to renew the loan unless Green
provided an acceptable surety. Green asked Royal,
a friend, to act as surety on the loan. To induce
Royal to agree to become a surety, Green
fraudulently represented Green's financial
condition and promised Royal discounts on
merchandise sold at Green's store. Royal agreed to
act as surety and the loan was renewed. Later,
Green's obligation to State was discharged in
Green's bankruptcy. State wants to hold Royal
liable.
A distinction between a surety and a co-surety is
that only a co-surety is entitled to
Which of the following acts will always result in
the total release of a compensated surety?
Which of the following defenses would a surety be
able to assert successfully to limit the surety's
liability to a creditor?
Ingot Corp. lent Flange $50,000. At Ingot's request,
Flange entered into an agreement with Quill and
West for them to act as compensated co-sureties
22. on the loan in the amount of $100,000 each. Ingot
released West without Quill's or Flange's consent,
and Flange later defaulted on the loan.Which of the
following statements is correct?
Which of the following rights does a surety have?
Batch Department store sold a refrigerator to
Conrad for his home. Conrad agreed to installment
payments and Batch had him sign a security
agreement. Batch did not file a financing
statement. After having the refrigerator in his
home for a time, Conrad quit making payments
and sold it to Backus for use in her home. Backus
was unaware that Conrad still owed Batch for the
refrigerator. Batch is now seeking to get paid for
the balance owed or to repossess the refrigerator.
Which of the following statements is correct?
Under the Secured Transactions Article of the UCC,
a secured party generally must comply with each
of the following duties except:
Acorn Marina, Inc. sells and services boat motors.
On April 1, Acorn financed the purchase of its
entire inventory with GAC Finance Company. GAC
required Acorn to execute a security agreement
and financing statement covering the inventory
and proceeds of sale. On April 14, GAC properly
23. filed the financing statement pursuant to the UCC
Secured Transactions Article. On April 27, Acorn
sold one of the motors to Wilks for use in his
charter business. Wilks, who had once worked for
Acorn, knew that Acorn regularly financed its
inventory with GAC. Acorn has defaulted on its
obligations to GAC. The motor purchased by Wilks
is
Under certain conditions, perfection of a security
interest is accomplished by completing attachment
with no further steps required. Which of the
following qualify?
Hoover is a holder in due course of a check which
was originally payable to the order of Nelson or
bearer and has the following endorsements on its
back:
Which of the following statements about the check
is correct?
Under the Negotiable Instruments Article of the
UCC, which of the following statements is(are)
correct regarding the requirements for an
instrument to be negotiable?
24. Under the Negotiable Instruments Article of the
UCC, which of the following defenses generally may
be used against all holders of negotiable
instruments?
On November 10, Cutter, a dealer, purchased 100
lawnmowers. This comprised Cutter’s entire
inventory and was financed under an agreement
with Town Bank which gave the bank a security
interest in all lawnmowers on the premises, all
future acquired lawnmowers, and the proceeds of
sales. On November 15, Town Bank filed a
financing statement that adequately identified the
collateral. On December 20, Cutter sold one
lawnmower to Wills for family use and five
lawnmowers to Black for its gardening business.
Which of the following is correct?
Cara Fabricating Co. and Taso Corp. agreed orally
that Taso would custom manufacture a
compressor for Cara at a price of $120,000. After
Taso completed the work at a cost of $90,000, Cara
notified Taso that the compressor was no longer
needed. Taso is holding the compressor and has
requested payment from Cara. Taso has been
unable to resell the compressor for any price. Taso
incurred storage fees of $2,000.If Cara refuses to
25. pay Taso and Taso sues Cara, the most Taso will be
entitled to recover is
On February 15, Mazur Corp. contracted to sell
1,000 bushels of wheat to Good Bread, Inc., at
$6.00 per bushel with delivery to be made on June
23. On June 1, Good advised Mazur that it would
not accept or pay for the wheat. On June 2, Mazur
sold the wheat to another customer at the market
price of $5.00 per bushel. Mazur had advised Good
that it intended to resell the wheat.Which of the
following statements is correct?
Under the UCC Sales Article, which of the following
legal remedies would a buyer not have when a
seller fails to transfer and deliver goods identified
to the contract?
Gray Fabricating Co. and Pine Corp. agreed orally
that Pine would custom manufacture a processor
for Gray at a price of $80,000.After Pine completed
the work at a cost of $60,000, Gray notified Pine
that the processor was no longer needed. Pine is
holding the processor and has requested payment
from Gray. Pine has been unable to resell the
processor for any price. Pine incurred storage fees
of $1,000.If Gray refuses to pay Pine and Pine sues
Gray, the most Pine will be entitled to recover is
26. In an action for breach of contract, the statute of
limitations time period would be computed from
the date of the
Under the Sales Article of the UCC, which of the
following rights is available to a seller when a
buyer materially breaches a sales contract?
Under the Sales Article of the UCC, which of the
following statements regarding liquidated
damages is(are) correct?
Eagle Corporation solicited bids for various parts
it uses in the manufacture of jet engines. Eagle
received six offers and selected the offer of Sky
Corporation. The written contract specified a price
for 100,000 units, delivery on June 1 at Sky's plant,
with payment on July 1, Sky refused to deliver
claiming the contract price was too low. Eagle was
unable to cover in a reasonable time. Its
production lines were in danger of shutdown
because the parts were not delivered.