Did homer pass a bad check to the reseller

Assignment Help Business Management
Reference no: EM131259950

Florida theme parks sell tickets as single or multi-day passes. Multi-day passes allow the customer to use the same ticket for as many days as are purchased. The usage does not have to be continuous, and many tourists who visit theme parks take their unused multiday tickets home for future visits, as they do not expire.

In spite of a local law that prohibits reselling of unused multi-day passes, several businesses advertise and resell the tickets to unsuspecting tourists at a discount. The tickets are doctored by using chemicals to remove the name of the person to whom it was originally issued. Resale operations result in substantial losses to theme parks, and if caught, the user of the ticket is out of money and may have a ruined vacation. In spite of arrests and strategies to close down these businesses, including stories in the local papers, they continue to thrive.

Homer Simpson, who had no knowledge resale of tickets was illegal, is on vacation with his family to the theme parks, and purchases four multi-park passes from a reseller via check in the sum of $400.00. The reseller promptly negotiates and endorses the check to George Jetson in payment of his regular chemical delivery.

Upon arrival at the park, Homer's tickets were confiscated and Homer was stuck purchasing new tickets. Homer promptly stopped payment on the $400.00 check, and is now being sued by George Jetson, who claims he is a holder in due course. The reseller claims that Homer must have done something wrong with the tickets. He threatens Homer with jail for passing a bad check. Homer is totally stressed. Answer the following questions fully.

i. Is George Jetson a holder in due course? What about the reseller? Explain what defines a holder in due course and how you reached your conclusion.

ii. Did Homer pass a bad check to the reseller? Explain how you reached your conclusion including defining bad check.

iii. The accounting firm that audits the reseller's books is served with a subpoena by the state to testify and produce its work papers as to the reseller's finances and activities. The jurisdiction in question follows the common law rule. Must the accountant testify and produce the documents in question? Explain your answer fully.

Reference no: EM131259950

Questions Cloud

Create an animation of the solution : A circular shaft π m long is fixed at both ends. The middle of the shaft is twisted through an angle α, the remainder of the shaft through an angle proportional to the distance from the nearest end, and then the shaft is released from rest. Determ..
How personal needs can impact business relationships : Two page paper discussing how personal needs can impact business relationships. Think or imagine that you are a VP of Marketing. You are developing a strategy that involves the VP of Finance and the VP of Sales.
Construction contract to build a bridge for price : On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2016, costs of $2,000,000 were incurred with estimated costs of $4,000,000 yet to be incurred. Billing..
How do you consciously limit your bias : Whether we like to admit it or not, we all do have bias and use it in our judgements rather frequently. How do you consciously limit your bias when taking in new information?
Did homer pass a bad check to the reseller : i. Is George Jetson a holder in due course? What about the reseller? Explain what defines a holder in due course and how you reached your conclusion. ii. Did Homer pass a bad check to the reseller? Explain how you reached your conclusion including ..
What is the maximum amplitude of the resulting displacement : The right end of a 6-m-long wire, which is stretched until the wave speed is 60 m/s, is continually moved with the displacement 0.5 cos 4πt. What is the maximum amplitude of the resulting displacement?
Determine the unknown voltages for each circuit : Determine the unknown voltages for each circuit - calculate the voltage gain for each stage and the overall voltage gain. Assume the op- amps to be ideal.
Set up a production plan that minimizes cost : There is to be no beginning or ending inventory in stock and backorders are not permitted. Set up a production plan that minimizes cost using the transportation method.
Which uses job costing system : Rockville: Rockville, Inc. which uses a job costing system, began business on January 1, 20X3 and applies manufacturing overhead on the basis of direct-labor cost. The following information relates to 20X3: Budgeted direct labor and manufacturing ove..

Reviews

Write a Review

 

Business Management Questions & Answers

  Explore the issues of how to determine

Explore the issues of how to determine if a patient is mentally competent to make his or her own decisions, especially in situations where the decisions do not appear to make sense.

  What is meant by a case

What is meant by a case? When we do case studies, we have to figure out what is the case and what is X a case of? This concept is the heart at differentiating all other methods to a case study.

  How do these websites assistance the company strengthen

How do these websites assistance the company strengthen its relationships with its stakeholders? List the website(s) that you previewed as well as give examples to support your answers

  Determine order quantity also determine reorder point

This is my homework problem for Operations also Supply Chain Management this week; can you please help me figure out how to calculate this.

  Types of maintenance

List and define three kind of maintenance and which is the most frequent form of maintenance - types of Maintenance

  Explain standard to video tape or do an audio recording

If we are standard to video tape or do an audio recording of a session the client not only wants to be informed but as well needs to sign a consent form that documents that the client agrees to the recording

  Income of consumers of cell phones

Using the demand curve shifters (PYNTE), explain whether each of the following will increase or decrease demand for cell phones. Tell whether the demand curve shifts to the right or to the left. a. A decrease in the income of consumers of cell pho..

  Key financial ratios

Determine key financial ratios that would be useful in evaluating strategy for the organization.

  Inside chipoltle contamination crisis

Review the assigned article "Inside Chipoltle's Contamination crisis: Smugness and Happy Talk About Sustainability Aren't Working anymore" from Bloomberg Businessweek.

  Conduct research on a well-known leader of a corporation

Using your favorite search engine, conduct research on a well-known leader of a corporation.  You might be interested in researching formers leaders such as Lee Iacocca of Chrysler, Herb Kelleher of Southwest Airlines, Jack Welch of General Electric,..

  Developing country devotes extensive resources

Suppose that a developing country devotes extensive resources towards improving the education and skill level of the labor force. How might this help the country avoid a coordination failure?

  One peer-reviewed journal article

You will locate one peer-reviewed journal article related to a topic covered in Module 1 and create a professionally designed PowerPoint presentation..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd