
Business Law and the Regulation of Business 11th Edition by Richard Mann, Barry Roberts
Edition 11ISBN: 978-1133587576
Business Law and the Regulation of Business 11th Edition by Richard Mann, Barry Roberts
Edition 11ISBN: 978-1133587576 Exercise 20
On January 2, 2013, seventeen-year-old Martin paid $2,000 for a used motorboat to use in his fishing business, after Dealer's fraudulent misrepresentation of the condition of the boat. Martin signed an installment contract for $1,500, and gave Dealer the following instrument as down payment:
Dated: ______ 2013
I promise to pay to the order of Dealer, six months after date, the sum of $500 without interest. This is given as a down payment on an installment contract for a motorboat.
(signed) Martin
Dealer, on July 1, sold his business to Henry and included this note in the transaction. Dealer indorsed the note in blank and handed it to Henry, who left the note in his office safe. On July 10, Sharpie, an employee of Henry, without authority, stole the note and sold it to Bert for $300, indorsing the note ''Sharpie.'' At the time, in Bert's presence, Sharpie filled in the date on the note as February 2, 2013. Bert demanded payment from Martin, who refused to pay.
What are Bert's rights against Martin?
Dated: ______ 2013
I promise to pay to the order of Dealer, six months after date, the sum of $500 without interest. This is given as a down payment on an installment contract for a motorboat.
(signed) Martin
Dealer, on July 1, sold his business to Henry and included this note in the transaction. Dealer indorsed the note in blank and handed it to Henry, who left the note in his office safe. On July 10, Sharpie, an employee of Henry, without authority, stole the note and sold it to Bert for $300, indorsing the note ''Sharpie.'' At the time, in Bert's presence, Sharpie filled in the date on the note as February 2, 2013. Bert demanded payment from Martin, who refused to pay.
What are Bert's rights against Martin?
Explanation
Case summary:
A minor child entered int...
Business Law and the Regulation of Business 11th Edition by Richard Mann, Barry Roberts
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255

