Questions from Business Law

Q: In December 2008, Corey and Jamie Baker purchased a TV from

In December 2008, Corey and Jamie Baker purchased a TV from Best Buy as well as a four-year service contract for the TV. In November 2010, Best Buy determined that the problems the Bakers were having...

Q: The town of Newport obtained a corporate MasterCard that was given to

The town of Newport obtained a corporate MasterCard that was given to the town clerk for purchasing fuel for the town hall. The town clerk used the card for personal restaurant, hotel, and gift shop d...

Q: Richard Grassgreen was executive vice president and then president and chief operating

Richard Grassgreen was executive vice president and then president and chief operating officer of Kinder- Care, Inc., the largest proprietary provider of child care in the country. The company was res...

Q: A consumer made a purchase on a credit card. The card

A consumer made a purchase on a credit card. The card issuer refused to accept the charge, and an attorney then sued the consumer for the amount due. In the complaint filed in the lawsuit, the attorne...

Q: Edward Johnson III, the CEO and principal owner of the world’s

Edward Johnson III, the CEO and principal owner of the world’s largest mutual fund company, Fidelity Investments, Inc., was a longtime tennis buddy of Richard Larson. In 1995, Johnson asked Larson, wh...

Q: When Johnson Hardware Shop borrowed $20,000 from First Bank

When Johnson Hardware Shop borrowed $20,000 from First Bank, it used its inventory as collateral for the loan. First Bank perfected its security interest by filing a financing statement. The inventory...

Q: Rawlings purchased a typewriter from Kroll Type- writer Co. for

Rawlings purchased a typewriter from Kroll Type- writer Co. for $600. At the time of the purchase, he made an initial payment of $75 and agreed to pay the balance in monthly installments. A security a...

Q: Kim purchased on credit a $1,000 freezer from Silas

Kim purchased on credit a $1,000 freezer from Silas Household Appliance Store. After she had paid approximately $700, Kim missed the next monthly installment payment. Silas repossessed the freezer and...

Q: Kimbrell ’ s Furniture Co. sold a new television set and

Kimbrell ’ s Furniture Co. sold a new television set and tape player to Charlie O ’ Neil and his wife. Each purchase was on credit, and in each instance, a security agreement was executed. Later on th...

Q: On October 22, 2001, Benjamin Ritchie executed a promissory note

On October 22, 2001, Benjamin Ritchie executed a promissory note and mortgage in consideration for a $47,000 loan from WaMu. The mortgage covered both real estate located at 1790 Mount Mariah Road, Ca...