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Commercial Law

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March 2014 Commercial Law Midterm Uzair J. Kayani
1
COMMERCIAL LAW
Midterm Exam (Take Home), Spring 2014
Instructions:
 The first question is worth 50 points. Each remaining question is worth 10 points
 The exam is open-book, open-notes. You should not need to consult anything other than the reader.
 Exams are Due at 11:59 pm on Friday, 21 March 2014.
 Email exams to ukayani@gmail.com . CC the TAs.
 Good luck!
1. Zunaiza, Abeez, and Ramta pool their money to buy four tons of orange seeds from Rasta industries. They plan to plant a jointly owned property on Bedian
Road that they purchased several years ago. They hope to eat the oranges grown on this property and sell the surplus at Khalis Food Market. The seeds will cost PKR 200,000. Zunaiza opens a bank account under the name “ZAR” (the first initials of each person’s name) and tells Abeez and Ramta to deposit money into it. Abeez and Ramta agree verbally to give Zunaiza PKR 50,000 each.
Zunaiza puts PKR 100,000 of her own money into the ZAR account. The next day, all three visit Rasta industries and tell Kuzamata, a secretary at the company, that they will be placing an order for four tons of seeds within the next month.Two weeks later, Abeez gives Zunaiza a promissory note for PKR 50,000.
Zunaiza deposits PKR 50,000 more of her own money into the ZAR account and holds onto the promissory note. She asks Abeez when Ramta will pay. Zunaiza is an intimidating questioner and starts yelling when Abeez says she hasn’t been able to track Ramta down. When she leaves the meeting, she hurriedly writes up a promissory note from Ramta to Zunaiza for PKR 50,000, forges Ramta’s signature, and returns to hand it to Zunaiza. Meanwhile, Ramta goes to Rasta, the manager of Rasta Industries, privately and tells her that two of the four tons that she will sell to ZAR are for Ramta’s private use. Ramta...

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