Questions from Business Law

Q: A Panamanian corporation lends money to a Turkish enterprise, which issues

A Panamanian corporation lends money to a Turkish enterprise, which issues a promissory note. The loan contract specifies that payment on the interest and principal shall be made to the Chemical Bank...

Q: New England Petroleum Corporation (NEPCO), a New York corporation,

New England Petroleum Corporation (NEPCO), a New York corporation, was in the business of selling fuel oil in the United States. PETCO, a refinery incorporated in the Bahamas, was a wholly owned subsi...

Q: Nigeria, experiencing an economic boom due to exports of high-

Nigeria, experiencing an economic boom due to exports of high-grade oil, embarked on an infrastructure development plan. Accordingly, Nigeria entered into at least 109 contracts with 68 suppliers for...

Q: In January, Roger Burke loaned his favorite nephew, Jimmy White

In January, Roger Burke loaned his favorite nephew, Jimmy White, his valuable Picasso painting. Knowing that Jimmy would celebrate his twenty-first birthday on May 15, Burke sent a letter to Jimmy on...

Q: John Swan rented a safe deposit box at the Tenth Citizens Bank

John Swan rented a safe deposit box at the Tenth Citizens Bank of Emanon, State of X. On December 17, 2014, Swan went to the bank with stock certificates to place in the safy deposit box. After he was...

Q: Robinson, a truck driver for a moving company, decided to

Robinson, a truck driver for a moving company, decided to buy a used truck from the company. Branch, the owner, told Robinson that the truck was being repaired and that Robinson should wait and inspec...

Q: Lile, an insurance broker who handled all insurance for Tempo Co

Lile, an insurance broker who handled all insurance for Tempo Co., purchased a fire policy from Insurance Company insuring Tempo Co.’s factory against fire in the amount of $150,000. Before the policy...

Q: Phil was the owner of a herd of twenty highly bred dairy

Phil was the owner of a herd of twenty highly bred dairy cows. He was a prosperous farmer, but his health was very poor. On the advice of his doctor, Phil decided to winter in Arizona. Before he left,...

Q: Hines stored her furniture, including a grand piano, in Arnett’s

Hines stored her furniture, including a grand piano, in Arnett’s warehouse. Needing more space, Arnett stored Hines’s piano in Butler’s warehouse next door. As a result of a fire, which occurred witho...

Q: Curtis rented a safe deposit box from Reliable Safe Deposit Company,

Curtis rented a safe deposit box from Reliable Safe Deposit Company, in which he deposited valuable securities and $4,000 in cash. Later, after opening the box and discovering $1,000 missing, Curtis b...