[SOLVED] Consider the status of being a merchant

> Explain how the doctrine of respondeat superior affects agency relationships.

> What are the different types of authority an agent might have, and why is it important to identify the type of an agent’s authority?

> Egebjerg filed a voluntary Chapter 7 bankruptcy petition in 2006. He had been employed for 27 years, earned a gross income of $6,115.56 per month, and had unsecured consumer debt of around $31,000. About two years earlier, he took a loan from his 401(k),

> Andres Soza and his spouse transferred $30,000 into an annuity fund on October 13, 2005. The Sozas filed a Chapter 7 petition for bankruptcy the following day. The Sozas claimed the annuity was exempt from inclusion in the bankruptcy estate. The money to

> Nancy Polleys was a single mother living in Wyoming. She obtained federally guaranteed student loans totaling $51,000 to attend college. She ultimately obtained an accounting degree and worked for a short time in the field before losing her job. Polleys

> Dr. Jeffrey Hall performed a colonoscopy on Hellen Nash during which he discovered a cancerous mass. Three days later, Hall performed surgery to remove the mass. However, Hall allegedly failed to remove all of the cancerous tissue, and Nash developed com

> Gergely, an obstetrician, performed an amniocentesis on Jordan Lee-Brenner’s mother during her pregnancy. As a result of problems with the procedure, Jordan Lee-Brenner was blinded in one eye. After his birth, and through his guardian, Lee-Brenner brough

> Ford Motor Credit Corporation (FMCC) hired Traciers & Associates (Traciers) to repossess a white 2002 Ford Expedition owned by Marissa Chapa, who was in default on the associated promissory note. Traciers assigned the job to its field manager, Paul Chamb

> On April 27, 1992, Darro and Tracy Long purchased a 1980 Ford Escort for $2,795 from Auto Credit, Inc. They made a cash down payment of $300 and financed the balance of the purchase price. The terms of the financing required the Longs to pay $38.84 a wee

> Under what circumstances would Chapter 11 be used rather than Chapter 7?

> Explain the differences between trial courts and appellate courts.

> Michelle Campbell worked for Luiz Simmons as his secretary. After Campbell was hired, she formed an acquaintanceship with Simmons’s outside bookkeeper, Denise Evans. Campbell began to forge Simmons’s name to checks drawn on several of her employer’s acco

> In this strange case, Albertson has already been convicted of passing checks that were ultimately dishonored because of insufficient funds in Albertson’s checking account. Both Albertson and a witness claim that the person to whom the checks were issued

> Daniel DeMarais is the former chief financial officer (CFO) of Apex IT. Through a Minnesota Department of Revenue investigation, it came to light that DeMarais had embezzled well over $400,000 from the company. DeMarais embezzled funds from Apex in part

> In this bankruptcy case, the court had to determine whether an LLC should have been considered a purchaser of instruments or a holder in due course under the UCC. Yale, the company that purchased the instruments through bankruptcy, did not establish that

> What are the similarities and differences between transfer and presentment warranties?

> What are the requirements of holder-in-due-course status?

> Explain the rationale for the following statement: “The purpose of holder-in-due-course status is to encourage parties to engage in financial transactions.”

> Casey Anthony, a Florida resident, has recently gained fame in the murder trial of her daughter, Kaylee. Among the charges brought against Anthony in court were check fraud and murder. The check fraud charge came about after an investigation revealed tha

> The plaintiff, U.S. Bank, filed a complaint to foreclose the defendant’s mortgage because the defendant had failed to pay the monthly installments on the mortgage. However, the defendant purported to tender payment for the entire balance of the mortgage

> In October 2006, America’s Wholesale Lender (AWL) agreed to loan John Horvath $650,000. The loan was stated in an interest-only, fixed-rate note and was secured by a deed of trust on Horvath’s home. In exchange for the $650,000, Horvath agreed to repay A

> Explain the two types of jurisdiction that a court must have to hear a case and render a binding decision over the parties.

> Stacy and Michael Russell are residents in Harrah, Oklahoma, who live in a trailer. Oklahoma Farm Bureau Mututal Insurance Company was the insurer on the home. Within the policy the Russells held with the insurance company, a section on loss stated: Okl

> Dr. Rodrigue is an obstetrician-gynecologist, who in 1989 opened her own practice. The financial support to open her new practice came from North County Women’s Health Care Services P.C., who provided her with start-up and relocation assistance and a pra

> Who are the three parties involved in the transfer of money through a check?

> Evaluate the following statement: “Order paper and bearer paper must be delivered to be negotiated.”

> Identify and define each of the elements of negotiability.

> Are negotiable instruments more similar to money or contracts? Explain.

> Explain the reason behind the need for negotiable instruments.

> Shipping terms play an important role in determining when title, risk of loss, and insurable interest pass from seller to buyer. What is the significance of such terms as CIF and FAS in determining such issues? What happens when the contract is clearly C

> A restaurant called The Inn Between entered into a contract to purchase a used restaurant computer system. The contract included installation and training from Remanco Metropolitan, Inc. The contract also required Remanco to keep the computer system in g

> Grimberg sold a famous painting to Cohen for $785,000. Possession of the painting passed to Cohen but payment was never made. Despite various and sundry attempts to resolve the issue, Grimberg never received payment or got the painting back. Cohen was su

> Entertainment Network, Inc. (ENI), a business that provided news, entertainment, and information via the Internet, sued government officials who prohibited the company from filming the execution of Oklahoma City bomber Timothy McVeigh and selling the foo

> Landrum sold Gappelberg a big-screen television. The television had many defects, some of which Landrum and his service representatives fixed. Three weeks after the sale, the television stopped working altogether, and Gappelberg let Landrum know. Landrum

> Are there limits to the right to cure? Does a breaching party have the right to cure the breach, or can the nonbreaching party proceed directly to a damage claim?

> The buyer contracted with the seller for the purchase of ribs. After delivery, the buyer refused to pay the contract price, claiming that the ribs arrived in an off condition. The seller filed suit for breach of contract. The buyer claimed that when the

> Poor Sarah Jane not only had a short-lived marriage but found out that her supposedly $45,000 ring was worth only half that amount. It seems that the jeweler had misrepresented to her now ex-husband. Sarah Jane now brings an action against the jeweler fo

> Define and differentiate between liquidated, consequential, and punitive damages. Make the argument for why punitive damages should or should not be permitted in intentional breach of contracts.

> Go back in the chapter and look at Webster v. Blue Ship Tearoom. Can you think of other situations today for which this case might serve as legal precedent?

> The plaintiff and the defendant entered into a three year contract in which the defendant would be the sole supplier of steel parts that the plaintiff used in its products. A dispute arose after the defendant sought to surcharge the parts sold to reflect

> The defendant, Nwabuoku, purchased $1,500 worth of furniture from the plaintiff, Y&N Furniture. Through an arrangement with the plaintiff, the defendant financed the purchase through a financing company named Beneficial. On receipt of the furniture, the

> Treibacher, an Austrian vendor of hard-metal powders, agreed to two contracts with the defendant TDY to sell specified quantities of tantalum carbide (TaC), a hard-metal powder, to TDY Industries, Inc., for delivery to consignment. TDY planned to use the

> New furniture is delivered to the buyer, and it is badly damaged. The purchaser notified the furniture store of the damage, and the store sent a representative to the buyer. The representative explained that the furniture could be repaired and restored.

> In Arkansas, methamphetamine (meth) was manufactured primarily in small toxic labs (STLs) located in homes, tents, barns, or hotel rooms. According to the plaintiffs (a number of counties in Arkansas), Arkansas had one of the highest numbers of STLs in t

> SMG was a frozen-poultry wholesaler, and Sanderson was one the suppliers. SMG contracted to sell 24 containers of frozen poultry to KVADRO, a Russian company. The shipping terms were CIF, cost insurance and freight. In connection with the business, SMG c

> Marion Bottling Company bottled soft drink beverages in Marion, Virginia, and shipped them to its warehouse in Galax for storage. The beverages were subsequently delivered from the warehouse to retailers on delivery trucks the bottler owned and operated

> A manufacturer based in Argentina and an importer based in New Jersey entered into an oral agreement under which the importer agreed to sell the manufacturer’s products in the United States. The district court found that the manufacturer’s claim that the

> A company contracts with a marketing firm to construct software and create a business website. A quote is requested and accepted. Sometime later, the business asks for updates and revisions but fails to request a quote. The business subsequently refuses

> A foreclosure case saw creditors going after the business’s real estate. The business was a diner. However, the diner itself was a prefabricated building. The business owner claimed that the building itself was not realty and subject to the creditors’ cl

> Explain what determines whether a contract is covered by the UCC.

> Brad Gupta formed two companies, Ameriquest Holdings and Ananya Aviation, for which he purchased three airplanes that were in lease agreements with US Airways and Continental Airlines. However, after the events of September 11, 2001, the two airlines did

> The opera company was hired to perform in the outside pavilion of the Wolf Trap Foundation. The company performed the three performances without problem. Then, right before the last performance, a severe thunderstorm moved into the area and created an el

> In 1991, EnerSys entered into an agreement with Exide Technologies to purchase substantially all of Exide’s battery business for about $135 million. To formalize this sale, the parties entered into more than 23 agreements. Under the collection of agreeme

> Jarold Daniel Friedman worked as a temporary computer contractor for a pharmaceutical warehouse. The warehouse offered him a permanent position, but the warehouse required him to get a mumps vaccine, grown in chicken embryos, as a condition of his perman

> What ethical guidelines could help an American business manager working in another country decide whether she should engage in behavior that is ethical where she works but unethical in the United States?

> Refer to the data in Exercise 1 for Weller Corporation. Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A tot

> Refer to the financial statements for Castile Products, Inc., in Exercise 15–8. In addition to the data in these statements, assume that Castile Products, Inc., paid dividends of $2.10 per share during the year. Also assume that the company’s common stoc

> Refer to the data in Exercise 1 for Weller Corporation. Data given in Exercise 1: Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common st

> Shimada Products Corporation of Japan is anxious to enter the electronic calculator market. Management believes that in order to be competitive in world markets, the price of the electronic calculator that the company is developing cannot exceed $15. Shi

> Refer to the data in Exercise 1 for Weller Corporation. Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A tot

> Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 800,000 shares of common stock were outstanding. Th

> Martin Company uses the absorption costing approach to cost-plus pricing.It is considering the introduction of a new product. To determine a selling price, the company has gathered the following information: Number of units to be produced and sold each

> What type of data (categorical, discrete numerical, or continuous numerical) is each of the following variables? If there is any ambiguity about the data type, explain why the answer is unclear. a. The miles on your car’s odometer. b. The fat grams you a

> What type of data (categorical, discrete numerical, or continuous numerical) is each of the following variables? If there is any ambiguity, explain why the answer is unclear. a. Length of a TV commercial. b. Number of peanuts in a can of Planter’s Mixed

> What type of data (categorical, discrete numerical, or continuous numerical) is each of the following variables? If there is any ambiguity about the data type, explain why the answer is unclear. a. The manufacturer of your car. b. Your college major. c.

> The manufacturer of Glo-More flat white interior latex paint claims one-coat coverage of 400 square feet per gallon on interior walls. A painter keeps careful track of 6 gallons and finds coverage (in square feet) of 360, 410, 380, 360, 390, 400. (a) At

> Calculate the test statistic and p-value for each sample. State the conclusion for the specified Î±. а. Но: 3 200 versus H: p # 200, a %3D.025, х%3D 203, s 3D 8, п %3D 16 b. Hg: μ 200 versus H: μ < 200, α -05, Σ= 198 , s 5, n = 25 с. Но

> Estimate the p-value as a range using Appendix D (not Excel): Appendix D: a. t = 1.457, d.f. = 14, right-tailed test b. t = 2.601, d.f. = 8, two-tailed test c. t = 21.847, d.f. = 22, left-tailed test Confidence Level Confidence Level .80 .90 .95 .

> A firm decides to test its employees for illegal drugs. (a) State the null and alternative hypotheses. (b) Define Type I and II errors. (c) What are the consequences of each type of error, and to whom?

> The target activation force of the buttons on a keyless entry clicker is 1.967 newtons. Variation exists in activation force due to the nature of the manufacturing process. A sample of 9 clickers showed a mean activation force of 1.88 newtons. The standa

> Discuss the issues of statistical significance and practical importance in each scenario. a. A process for producing I-beams of oriented strand board used as main support beams in new houses has a mean breaking strength of 2,000 lbs./ft. A sample of boar

> The Scottsdale fire department aims to respond to fire calls in 4 minutes or less, on average. Response times are normally distributed with a standard deviation of 1 minute. Would a sample of 18 fire calls with a mean response time of 4 minutes 30 second

> On the midnight shift, the number of patients with head trauma in an emergency room has the probability distribution shown below. (a) Find P(X > 3). (b) Find P(X < 2). (c) Find P(X < 4). (d) Find P(X = 1). (e) Which of the probability expressions in part

> An airline serves bottles of Galena Spring Water that are supposed to contain an average of 10 ounces. The filling process follows a normal distribution with process standard deviation 0.07 ounce. Twelve randomly chosen bottles had the weights shown belo

> The mean arrival rate of flights at OâHare Airport in marginal weather is 195 flights per hour with a historical standard deviation of 13 flights. To increase arrivals, a new air traffic control procedure is implemented. In the next 30

> Define Type I and Type II error for each scenario, and identify the cost(s) of each type of error. a. A 25-year-old ER patient in Minneapolis complains of chest pain. Heart attacks in 25-year olds are rare, and beds are scarce in the hospital. The null

> Calculate the test statistic and p-value for each sample. a. H0: μ = 60 versus H1: μ ≠ 60, α = .025, / = 63, σ = 8, n = 16 b. H0: μ > 60 versus H1: μ < 60, α = .05, / = 58, σ = 5, n = 25 c. H0: μ < 60 versus H1: μ > 60, α = .05, / = 65, σ = 8, n = 36

> The mean potassium content of a popular sports drink is listed as 140 mg in a 32-oz bottle. Analysis of 20 bottles indicates a sample mean of 139.4 mg. (a) Write the hypotheses for a two-tailed test of the claimed potassium content. (B) Assuming a known

> How large a sample size would be needed to estimate the percentage of wireless routers in San Francisco that use data encryption, with an error of ±2 percent and 95 percent confidence?

> What sample size would be needed to estimate the true proportion of students at your college (if you are a student) who are wearing backpacks, with 95 percent confidence and an error of ±0.04?

> What sample size would be required to estimate the true proportion of American female business executives who prefer the title “Ms.,” with an error of ±0.025 and 98 percent confidence?

> The EPA city/hwy mpg range for a Saturn Vue FWD automatic 5-speed transmission is 20 to 28 mpg. (a) Estimate Ï using Method 3 from Table 8.11. (b) If you owned this vehicle, how large a sample (e.g., how many tanks of gas) would be required to

> For each level of precision, find the required sample size to estimate the mean starting salary for a new CPA with 95 percent confidence, assuming a population standard deviation of $7,500 (same as last year). a. E = $2,000 b. E = $1,000 c. E = $500

> Police records in the town of Saratoga show that 15 percent of the drivers stopped for speeding have invalid licenses. If 12 drivers are stopped for speeding, find the probability that (a) none will have an invalid license; (b) exactly one will have an i

> Use the following information x bar = 3.7, s = 0.2, n = 1,200, N = 5,800—to calculate confidence intervals for μ assuming the sample is from a normal population: (a) 90 percent confidence; (b) 95 percent confidence; (c) 99 percent confidence.

> Concerns about climate change and CO2 reduction have initiated the commercial production of blends of biodiesel (e.g., from renewable sources) and petrodiesel (from fossil fuel). Random samples of 35 blended fuels are tested in a lab to ascertain the bio

> Calculate the FPCF for each sample and population size. Can the population be considered effectively infinite in each case? a. N = 450, n = 10 b. N = 300, n = 25 c. N = 1800, n = 280

> A real estate office has 10 sales agents. Each of four new customers must be assigned an agent. (a) Find the number of agent arrangements where order is important. (b) Find the number of agent arrangements where order is not important. (c) Why is the num

> At Oxnard University, a student ID consists of two letters (26 possibilities) followed by four digits (10 possibilities). (a) How many unique student IDs can be created? (b) Would one letter followed by three digits suffice for a university with 40,000 s

> In the Minnesota Northstar Cash Drawing you pick five different numbers between 1 and 31. What is the probability of picking the winning combination (order does not matter)? Hint: Count how many ways you could pick the first number, the second number, an

> An airport gamma ray luggage scanner coupled with a neural net artificial intelligence program can detect a weapon in suitcases with a false positive rate of 2 percent and a false negative rate of 2 percent. Assume a .001 probability that a suitcase cont

> A drug test for athletes has a 5 percent false positive rate and a 10 percent false negative rate. Of the athletes tested, 4 percent have actually been using the prohibited drug. If an athlete tests positive, what is the probability that the athlete has

> The following contingency table shows average yield (rows) and average duration (columns) for 38 bond funds. For a randomly chosen bond fund, find the probability that: a. The bond fund is long duration. b. The bond fund has high yield. c. The bond fun

> The diameter of bushings turned out by a manufacturing process is a normally distributed random variable with a mean of 4.035 mm and a standard deviation of 0.005 mm. A sample of 25 bushings is taken once an hour. (a) Within what interval should 95 perce

> This contingency table describes 200 business students. Find each probability and interpret it in words. a. P(A) b. P(M) c. P(A > M) d. P(F > S) e. P(A | M) f. P(A | F) g. P(F | S) h. P(E âª F) Major Gender Accounting (

> A survey of 156 introductory statistics students showed the following contingency table. Find each event probability. a. P(D) b. P(R) c. P(D > R) d. P(D âª R) e. P(R | D) f. P(R | P) Living Where? Newspaper Read Dorm (D) Par

> A survey of 158 introductory statistics students showed the following contingency table. Find each event probability. a. P(V) b. P(A) c. P(A > V) d. P(A âª V) e. P(A | V) f. P(V | A) Cell Phone Provider Visa Card (V) No Visa

> The contingency table below shows the results of a survey of online video viewing by age. Find the following probabilities or percentages: a. Probability that a viewer is aged 18â34. b. Probability that a viewer prefers watching TV vi

> Over 1,000 people try to climb Mt. Everest every year. Of those who try to climb Everest, 31 percent succeed. The probability that a climber is at least 60 years old is .04. The probability that a climber is at least 60 years old and succeeds in climbing

Question: Consider the status of being a merchant