A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term can have different meanings, depending on what law is being applied and what country it is used in and what context it is used in. Examples
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Business law assignment Business Law Assignment Common law and stare decisis Common law is all that law that is made by judges. It is initiated by citizens when they file cases in courts. Stare decisis is a term used in the common law to mean that decisions made in court cases should be based on previous decisions. It simply means that the decision should stand. It therefore means that in business, this is a principle that can assure a business person of the ruling of a case that is similar to
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Case: Jannusch v. Naffziger, 379 Ill.App.3d 381,883 N.E.2d 711(4th Dist. 2008) FACTS: Plaintiffs Gene and Martha Jannusch operated Festival Foods, a business serving concessions to the general public at festivals and events in Illinois and Indiana. The business operated annually from late April to late October. Along with concessions, the business included assets of a truck, serving trailer and food preparation and serving equipment. In 2005, Defendants Lindsey and Louann Naffziger expressed
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an agreement will determine if the contract is valid or unenforceable. In this scenario both parties have an oral agreement, which took place before the 90 day expiration period. According to Uniform Commercial Code (UCC) a contract can be enforced based on a larger picture that consists of (1) past commercial conduct, (2) correspondence or verbal exchanges between the parties, and (3) industry standards and norms (MELVIN, 2012, p. 182). The question is, are the agreements enforceable since both a
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following contractual elements including: (a) offers, (b) acceptance, (c) legal consideration, (d) capacity, and (e) legality of purpose. In addition, the assignment will identify the components that govern the parameters of common law and the Uniform Commercial Code (UCC). For the purpose of this study, a fictitious scenario (myself) has been hired and offered a two year contract as the head chef of the Fabulous Hotel Company. As a sample to illustrate contractual issues that individuals may encounter,
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| | Business Law and Corporate EthicsBe Careful What You Sign| | Tiffany Sigala| 7/30/2014| The purpose of this essay will be to state my opinion of which country the dispute should be handled in.| If Letisha does not pay and Sudson sues her for breach of contract, what legal arguments could be raised in Letisha’s defense against the enforcement of the automatic renewal clause? According to definitions.us.legal.com, some state and local laws do not enforce automatic renewal clauses
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Having the same principles of law on contracts for the sale of goods and other commercial transactions in most of the 50 states make doing business easier and less expensive. The UCC warranty provision would be that the dealer would be responsible for repairing the motorcycle, replacing it with something that is equivalent, or refunding the money. The dealer should have done a more
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Especially when regarding risk of loss. Risk of loss in sales contracts refers to who will be held liable if an unforeseen incident occurs as in damage or loss of the items for sale. Under section 2-301 General obligations of parties of the Uniform Commercial Code, “The obligation of the seller is to transfer and deliver and that of the buyer is to accept and pay in accordance with the contract.” However, there are some additional conditions. 2-509. Risk of Loss in the Absence of Breach. (1) Where
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Culberton Vs Brodsky: A Case for Illusory Promise Illusory Promise is said to be a statement, a promise, and or an assurance that appears to assure a person or an entity to do or execute an action or activity and form a contract which, when properly scrutinized, leaves to the speaker the choice of performance or nonperformance, meaning that the speaker is not legally bound to act upon his/her statement. It is a situation whereby the provisions of the promise make the performance of the promise
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Culbertson verse Brodsky After reading the case Culbertson verse Brodsky, I believe that Brodsky did not give valid consideration that makes Culbertson’s promise enforceable. Culbertson and Brodsky had signed an option contract. According to Wikipedia, an option contract is promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer (paragraph 1). In other words, the contract must be made with the interest of both parties, and their
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