Business Law 4th Edition by David Twomey,Marianne Jennings

Exercise 6

Jennings operated a courier service to collect and deliver money. The contract with his customers allowed him a day or so to deliver the money that had been collected. Instead of holding collections until delivered, Jennings made short-term investments with the money. He always made deliveries to the customers on time, but because he kept the profit from the investments for himself, Jennings was prosecuted for embezzlement. Was he guilty? [New York v Jennings, 504 NE2d 1079 (NY)]