What are the requirements for an instrument to be negotiable

Assignment Help Management Theories
Reference no: EM131660075

Question: Negotiability. In September 2001, Cory Babcock and Honest Air Conditioning & Heating, Inc., bought a new 2001 Chevrolet Corvette from Cox Chevrolet in Sarasota, Florida. Their retail installment sales contract (RISC) required monthly payments until $52,516.20 was paid. The RISC imposed many other conditions on the buyers and seller with respect to the payment for, and handling of, the Corvette. Cox assigned the RISC to General Motors Acceptance Corp. (GMAC). In August 2002, the buyers sold the car to Florida Auto Brokers, which agreed to pay the balance due on the RISC. The check to GMAC for this amount was dishonored for insufficient funds, however, after the vehicle's title had been forwarded. GMAC filed a suit in a Florida state court against Honest Air and Babcock, seeking $35,815.26 as damages for breach of contract. The defendants argued that the RISC was a negotiable instrument. A ruling in their favor on this point would reduce any damages due GMAC to less than the Corvette's current value. What are the requirements for an instrument to be negotiable? Does the RISC qualify? Explain.

Reference no: EM131660075

Questions Cloud

The services provided by the healthcare delivery system : What are the current trends contributing to the high ranking and the future path of this health care organization?
Discuss case of the harford mutual insurance co : Case Problem with Sample Answer. Harford Mutual Insurance Co. issued a check for $60,150 payable to "Andrew Michael Bogdan, Jr., Crystal Bogdan, Oceanmark Bank.
Information technology administrator : In a managers' meeting between the information technology administrator, the lead for the consultant group, and the dean of information technology
Secure the wireless network and devices : Research the latest technology for use with wireless encryption. Provide a memorandum to the dean of information technology addressing the needed for encryption
What are the requirements for an instrument to be negotiable : The defendants argued that the RISC was a negotiable instrument. A ruling in their favor on this point would reduce any damages due GMAC.
What type of indorsement is interior crafts-for deposit only : What type of indorsement is "Interior Crafts-For Deposit Only"? What is the obligation of a party that receives a check with this indorsement?
Implement a change process within that organization : Identify Lewins three stages of change implementation and explain the importance of each stage in a paper- implement a change process within that organization
Explain the rationale for your decision making process : What would you do in this situation. Apply ethical principles to explain the rationale for your decision making process.
Five generic types of competitive strategy : Which of the following is NOT one of the five generic types of competitive strategy?

Reviews

Write a Review

Management Theories Questions & Answers

  Complete by individual student without outside assistantance

This is an individual assignment and therefore must be completed by the individual student without outside assistance. In order to complete the assignment, first read the case write-up for the "Cutting Edge" case. Then answer the questions listed..

  The communication competency about united technologies

After reading the Communication Competency about United Technologies, identify the key behaviors demonstrated by senior leaders to reinforce the company's diversity programs.

  Discuss the case study of coons v lawlor

Coons and Lawlor began a trip in Coons's car. Shortly after leaving Coons's home, Coons felt tired and asked Lawlor to take the wheel. While Lawlor was driving.

  Review the case of charles kloss had worked for honeywell

Charles Kloss had worked for Honeywell, Inc., for over fifteen years when Honeywell decided to transfer the employees at its Ballard facility to its Harbour.

  Dana la fontsee opened pro window washing inc

Journalize the July transactions. Post to the ledger accounts. (Use T accounts.) Prepare a trial balance at July 31.

  Identify the critical components of logistics operation

Examine the key issues affecting logistics in this example and highlight other examples.

  Importance of each of the environmental impacts described

Identify and comment on the importance of each of the environmental impacts described in the following passage:-"The Swedish company IKEA, the world's largest furniture and home furnishings retailer.

  Briefly discuss the advantages and disadvantages of precast

What tests may be performed on plastic concrete delivered to the job site to ensure that it meets specification requirements? How might a rapid strength test.

  Submit proposal for product or service

Submit Proposal for product or service, in which you will develop and present a marketing plan. Describe the product or service you plan on marketing, and suggest ways you plan on building customer value and relationships.

  Corporate strategies and marketing strategies

Corporate strategies and marketing strategies usually overlap due to the fact that the major focus of marketing includes the strategic planning components of developing, pricing and distributing a product. Strategy is defined as goal setting to ac..

  Discuss the implications of given statement

It has been said that within the next few years, smart phones will become the single most important digital device we own. Discuss the implications of this statement.

  Describe the importance of global marketing

Describe the importance of global marketing from the perspectives of the individual firm and the nation. Global marketing expands a company's market.

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