Display graphically and explain the mechanism of settlements by letters of credit.
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Q: An artist once produced a painting now called The Plains of Meudon. For a while, the parties in this…
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A: Negotiator is a person who has discussions either formally or informally with someone in order to…
Q: and
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A: According to the question, the perfection produce company has a contract with Hiram Hodges. They had…
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A:
Q: Define the term "unconscionable" and describe the effect of an unconscionable contract.
A: Unconscionable: Unconscionable defines that unusually harsh and shocking to the…
Q: A gasoline manufacturing company (TPMC) obtained a loan from PNB and executed a real estate mortgage…
A: yes, TPMC have no right because the proposal is to pay by the way of dacion en pago did not…
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A: Joanna appeared into a loan agreement with Marie concluded Marie’s car somewhere Joanna is the…
Q: Express and imply terms of contract
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Q: The Cheque is: * O An unconditional order made in writing O An unconditional order made in oral O A…
A: Correct Answer is Option A: An unconditional order made in writing
Q: The property of the negotiable instrument is transferred to another person by: O Sale Endorsement…
A: The property of the negotiable instrument is transferred to another person by:"
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Q: Explain the circumstances of and procedure of revoking a proposal relating to negotiable intrumnts?
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A: Negotiable Instruments Act of 1881 was established as a law which was for dealing with the…
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A: Here in the given context it is clear that the Smith has not mate the authority of Brown & Co.…
Q: is the issuer of the negotiable instruments. O Drawer O Holder O Drawee Beneficiary
A: A drawer is the issuer of a negotiable instrument.
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Q: Identify and describe and explain the elements of an enforceable, valid legal contract
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Q: Describe the concept and importance of negotiability.
A: Negotiability means the ability to be transferred. It is one of the important features of commercial…
Q: Analyse the rights and responsibilities of the following parties: Lessee Landlord
A: Leasing refers to a contractual agreement between two parties in which one party rents an asset to…
Q: Johnson, who owned a hardware store, was indebted to Hutchinson, one of her suppliers. Johnson sold…
A: As per the given case, Person J sold the business to Person L but Person J was indebted to Person H.…
Q: Explain the difference between the terms ‘ratification’, ‘rectification’ and ‘restitution’.
A: Before understanding the difference between the three, understand the meaning of each term.…
Q: Undue Influence
A: Ans 1 and 2: Yes , he can surely put under "undue Influence " as the relation between the parties…
Display graphically and explain the mechanism of settlements by letters of credit.
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- Discuss the impact of statute on a person's failure to pay his instalments, or honour his instalments obligations when they were dueBusiness contracts may contain exclusion clauses as a means of limiting or excluding liabilities. Explain what is meant by the term “exclusion clause” and how case law and statutes regulate the use of such clauses in business contracts.Smith was approached by a man who introduced himself as Brown of Brown & Co. Brown was not known to Smith, but Smith asked Dun & Bradstreet for a credit report and obtained a very favorable report on Brown. He thereupon sold Brown some expensive gems and billed Brown & Co. “Brown” turned out to be a clever jewel thief, who later sold the gems to Brown & Co. for valuable consideration. Brown & Co. was unaware of “Brown’s” transaction with Smith. Can Smith successfully sue Brown & Co. for either the return of the gems or the price as billed to Brown & Co.?
- Mikhail and Dana Jackson, doing business as M&D Enterprises, Inc., bought a retail electronics store under a franchise agreement from a national company, Tunes Hut. The Jacksons borrowed from State Bank to pay for the business and signed loan documents and a financing statement, which identified the Jacksons as "Debtors." Elsewhere on the financing statement, the bank identified "M&D Enterprises, Inc., Tunes Hut, Dana K. Jackson, Mikhail C. Jackson" as "Debtors." The statement covered, in part, the store inventory. The bank filed the financing statement with the proper government agency. Three years later, the store closed. Tunes Hut terminated the franchise and took possession of the inventory, claiming the Jacksons and M&D owed Tunes Hut $6,394.73. State Bank filed a suit in a state court against Tunes Hut, claiming a perfected security interest in the inventory with priority over Tunes Hut's claim. Did the bank's security interest take priority over Tunes Hut’s…Johnson, who owned a hardware store, was indebted to Hutchinson, one of her suppliers. Johnson sold her business to Lockhart, one of Johnson’s previous competitors, who combined the inventory from Johnson’s store with his own and moved them to a new, larger store. Hutchinson claims that Lockhart must pay Johnson’s debt because the sale of the business had been made without complying with the requirements of the bulk sales law. Discuss whether Lockhart is obligated to pay Hutchison’s debt to Johnson.Analyse the rights and responsibilities of the following parties: Lessee Landlord
- Sheila owned an old roadside building that she believed could be easily converted into an antique shop. She talked to her friend Barbara, an antique fancier, and they executed the following written agreement: a. Sheila would supply the building, all utilities, and $100,000 capital for purchasing antiques. b. Barbara would supply $30,000 for purchasing antiques, Sheila would repay her when the business terminated. c. Barbara would manage the shop, make all purchases, and receive a salary of $500 per week plus 5 percent of the gross receipts. d. Fifty percent of the net profits would go into the purchase of new stock. The balance of the net profits would go to Sheila. e. The business would operate under the name “Roadside Antiques.” Business went poorly, and after one year, a debt of $40,000 is owed to Old Fashioned, Inc., the principal supplier of antiques purchased by Barbara in the name of Roadside Antiques. Old Fashioned sues Roadside Antiques, and Sheila and Barbara as partners.…An agent is NOT personally liable on a contract made with a third party when: 1) neither the existence, nor the name of the principal is known to the third party. 2) the name and existence of the principal are known to the third party. 3) the agent makes the contract with the third party in his/her personal capacity as a co-signor or obligor with the principal. 4) the existence, but not the name of the principal is known to the third party.Wong engages Chen as his agent to sell his house. Wong's brother tells Chen that Wong will sell the house for $500.000. A purchaser offers to buy the house for $510.000. Chen tells the purchaser, I can accept that offer on behalf of my client The purchaser obtains a bank loan to buy the house. When Wong finds out what Chen has done he is furious and refuses to accept the proposed sale agreement. Which of the following statements is true: (A) Wong is bound to sell the house to the purchaser for $510,000. (B) Wong is not bound by Chen's acceptance' because he did not authorize Chen to make any sale agreement on his behalf. (C) Wong's brother authorized Chen to accept the offer and therefore Wong is bound to sell the house to the purchaser for $510,000. (D) Chen is entitled to apply to the court for an order of specific performance compelling Wong to complete the contract
- Iqbal and Syafidie have been friends since they studied in UniMAP together. Nowthey are in the business of providing IT services to their clients. Syafidie tried to secure an ITtender from Penang Port Sdn Bhd worth RM300,000 and seek Iqbal assistance. Iqbal thenprovided consultancy work to Syafidie in his business. When Syafidie asked Iqbal if he owedIqbal anything for his services, Iqbal said: “My fee is RM20,000 but until you get that bigcontract, I know you cannot afford that. Perhaps we should just wait and see what happens?”Syafidie wanted to give Iqbal something now. Iqbal thought about it and said that if Syafidiepaid university fees of RM9,000 for his nephew, Aslam, he would not look for any morefrom him as regards the balance. Syafidie agreed that he would pay Aslam’s fees. The nextday Syafidie contacted Aslam explaining what had been agreed. Aslam was delighted andgave him all the relevant details about his account. One week later, Iqbal phoned Syafidieasking if he had paid…An artist once produced a painting now called The Plains of Meudon. For a while, the parties in this case thought that the artist was Theodore Rousseau, a prominent member of the Barbizon school, and that the painting was quite valuable. With this idea in mind, the Kohlers consigned the painting to Leslie Hindman, Inc. (Hindman), an auction house. Among other things, the consignment agreement between the Kohlers and Hindman defined the scope of Hindman’s authority as agent. First, Hindman was obliged to sell the painting according to the conditions of sale spelled out in the auction catalog. Those conditions provided that neither the consignors nor Hindman made any warranties of authenticity. Second, the consignment agreement gave Hindman extensive and exclusive discretionary authority to rescind sales if in its “sole discretion” it determined that the sale subjected the company or the Kohlers to any liability under a warranty of authenticity. Despite having some doubts about its…1. Explain the difference between the terms ‘ratification’, ‘rectification’ and ‘restitution’.