Questions from Business Law

Q: Abby Novel signed a note with the following on it: “

Abby Novel signed a note with the following on it: “ Glen Gallwitz 1-8-2002 loaned me $5,000 at 6% interest a total of $10,000.00. ” The note did not contain a payment schedule or a time for repayment...

Q: LaBarge Pipe & Steel Company agreed to sell PVF $143,

LaBarge Pipe & Steel Company agreed to sell PVF $143,613.40 of 30-inch pipe provided that PVF obtain a letter of credit for $144,000, with the letter of credit entitling LaBarge to payment if PVF did...

Q: On August 1, 1987, Dori Leeds signed a “ guarantee

On August 1, 1987, Dori Leeds signed a “ guarantee of credit ” with Sun Control Systems, which guaran- teed “ the prompt payment, when due, of every claim of [Sun Control Systems] against [Dori Leeds...

Q: Beck was the general manager of Chilkoot Lumber Co. Haines sold

Beck was the general manager of Chilkoot Lumber Co. Haines sold fuel to the company. To persuade Haines to sell on credit, Beck signed a paper by which he promised to pay any debt the lumber company o...

Q: Fern Schimke ’ s husband, Norbert, was obligated on two

Fern Schimke ’ s husband, Norbert, was obligated on two promissory notes in favor of Union National Bank. Some time prior to his death, Union National Bank prepared a guaranty contract that was given...

Q: Crown Corporation has borrowed $16,000,000 from Third

Crown Corporation has borrowed $16,000,000 from Third Bank. Third Bank required four sureties for the loan. The sureties are as follows: Andover…………$4,000,0000 Busch ……………..$8,000,0000 Chapman…………$2,...

Q: James Fitl purchased a 1952 Mickey Mantle Topps baseball card from baseball

James Fitl purchased a 1952 Mickey Mantle Topps baseball card from baseball card dealer Mark Strek for $17,750 and placed it in a safe deposit box. Two years later, he had the card appraised, and he w...

Q: Larry G. Snodgrass and Mark Swinnea owned equal interests in two

Larry G. Snodgrass and Mark Swinnea owned equal interests in two business entities, ERI Consulting Engineers, Inc. (ERI), and Malmeba Company, Ltd., which they operated together for approximately 10 y...

Q: Tri County Truck & Diesel borrowed $165,000 from Security

Tri County Truck & Diesel borrowed $165,000 from Security State Bank and pledged its inventory as security for the loan. In addition, Fred and Randelle Burk agreed to act as sureties for the loan. Tri...

Q: UPS Capital Business Credit agreed to loan Ashford International, Inc,

UPS Capital Business Credit agreed to loan Ashford International, Inc, an American company based in Atlanta, Georgia, for the sale of computers to the Ministry of Education in Jordan. Ashford was requ...