Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card For Mann/roberts’ Smith And Roberson’s Business Law, 17th
Lms Integrated Mindtap Business Law, 1 Term (6 Months) Printed Access Card For Mann/roberts’ Smith And Roberson’s Business Law, 17th
17th Edition
ISBN: 9781337094566
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 4, Problem 10CP
Summary Introduction

To discuss: Whether the given situation is a due process of law and person E’s action considered as an action of state.

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Ginny DeWitt borrowed $30,000 from SunTrust Bank to pay for her first year of college and signed a promissory note that required payments to start six months after graduation or the student fails to enroll in at least one-half of the full time load. Ginny dropped out of college to pursue her passion of opening a gift shop. When Ginny failed to pay the debt, SunTrust transferred the note to First Bank in New York. New York Bank obtained a court order allowing it to garnish Ginny’s wages and her federal income tax refund. Ginny filed a lawsuit seeing to avoid the payment, claiming the debt was not valid because she did not sign any documentation promising to pay First Bank. She also argued that the note lacked consideration. Explain the holder or holder in due course status of SunTrust when the bank took the note from Ginny and then First Bank when it took the note from SunTrust. Address GInny’s arguments concerning the validity of the debt. Determine the outcome of the case and…
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New West Fruit Corporation (New West) and Coastal Berry Corporation are both brokers of fresh strawberries. In the second half of 2012, New West’s predecessor, Monc’s Consolidated Produce, Inc., loaned money and strawberry plants to a group of strawberry growers known as Cooperativa La Paz (La Paz). In September 2012, Monc’s and La Paz signed a “Sales and Marketing Agreement” to allow Monc’s the exclusive right to market the strawberries grown by La Paz during the 2012–2014 season. The agreement did not mention the advances of money or plants, but did give Monc’s a security interest in all crops and proceeds on specified property in the 2013–2014 season. The financing statement was properly signed and filed. Monc’s closed down in January 2014, and its assets were assigned to New West. In April, New West learned that La Paz had agreed to market its 2014 crop through Coastal Berry. New West immediately arranged a meeting to advise the Coastal Berry officers of its contract with the…
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