1-Mr. X signed a note followed by the word ‘president’ on a note identifying his company. ABC Inc. as the payor. When the company defaulted, the note’s holder sought to recover from Mr. X. The trial court held him personally liable, and he appealed.
Qs: was he personally liable on a corporate note? Discuss the requirements of negotiability and how they may or may not have applied to this scenario.
2- If Tom, Jones’ agent, signs a promissory note, promising to pay Layla $12,000 in three months in the following manner “Tom, as agent for Jones,” is Jones liable for the $12,000? Explain your response with proper support.
3-Mary brought her diamond engagement ring to Paul Jewelers to be cleaned. She thought she signed a receipt from Paul but he tricked her and she actually signed a negotiable promissory note for $5,000. Paul negotiated the note to Harry, a holder in due course. When Harry presented the note to Mary, she refused to pay.
4-The Internet has resulted in new ways to guarantee payments, such as digital cash, a virtual currency or digital wallets. Discuss security issues.
5-Your thoughts on the issue of qualification for credit. Discuss whether there could be racial patterns with legitimate qualifying processes.
6-Rundles, Kreiger, and Larson formed a partnership to breed and show horses. Rundles and Kreiger each contributed $25,000 to the partnership. Larson contributed four horses valued at $25,000. The partnership agreement provided that the partners would share profits equally. When the horses failed to perform as expected, Rundles and Kreiger decided to reduce Larson’s share of the profits. Larson claims that this decision must be unanimous to be binding. How will the case be decided? Explain with proper support.
7-Manis owns 100 shares of stock of the Linquist Corporation. She sells her stock to Sosnik and delivers to him: (1) her stock certificate for 100 shares and (2) a written, signed assignment of the 100 shares to Sosnik. The assignment form printed on the back of the share certificate is left blank and is not signed. Sosnik refuses to take the certificate and the assignment on the ground that Manis must fill in and sign the assignment form on the stock certificate to make the transfer of stock effective. Is he correct? Discuss.
8-Discuss what could happen if one very vocal institutional investor chose to advance its agenda for the company or a political agenda.
9-Peter has been subjected to an unreasonable amount of noise from his neighbor, who constantly plays his stereo at full volume. Peter is angry about his neighbor, but he is even angrier about the excessive pollution being emitted by a local factory that burns tires in direct violation of a state statute prohibiting such conduct. Do the acts of Peter’s neighbor and the factory constitute nuisances? If they do, classify the types of nuisances, and give Peter assistance on any possible courses of action to eliminate the problems.
10-Discuss the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA).
11-Discuss the reasons behind the recent and rapid development of pollution and environmental controls. Think about contemporary environmental proposals, such as bottle deposit and recycling laws, the extremely difficult problem of how society is to dispose of hazardous waste etc. If the product claims to be environmentally friendly, how does a consumer know it is?
12- Discuss spendthrift trust, and indicate the reasons behind the use of the clause and its advantages and disadvantages.