Dynamic Business Law”

INSTRUCTIONS: Read Hypothetical One below and: 1. Summarize the fact in a full paragraph, 2. Fully answer the questions that follow, 3. The answers should be one full page in length and must comply with the following: • Word file; • Use APA citation method; • 12 pt. Times New Roman font; • 1.5 spacing; and • 1-inch margins. The answers should be full and complete, supported by legal authority, with proper citation to legal and other references (including citation to the textbook: “Dynamic Business Law” 3rd edition: Kubasek, Browne, Dhooge, Herron, Barkacs & Williamson). Hypothetical One (“Dynamic Business Law” - Chapter 22: Title, Risk of Loss, and Insurable Interest) Fact: Fine Furniture, Inc. is a furniture manufacturer located in Norfolk, Virginia. Fine enters into a contract with Jaguar Interiors, L. L. C. in Jacksonville, Florida, agreeing to sell Jaguar Interiors 1,000 dining room chairs at a total contract price of $100,000. The contract’s shipping term designates “F. O. B. Destination,” and stipulates that Darnell, Uecker, and Irvin (“D.U.I.”) Shipping, International will transport the furniture from Norfolk to Jacksonville. D. U. I. Shipping has retained the services of a ship steward, Joe Birchtree, to captain the ship en route to Jacksonville. Birchtree has history of alcohol abuse, but his professional record is clear of any mishaps. On a clear day, with calm waters, blue skies and the absence of wind, Birchtree runs his ship aground, and all cargo is ruined as a result of water damage. Evidence indicates that Birchtree was intoxicated at the time of the accident. Questions: As between Fine Furniture and Jaguar Interiors, who held title to the chairs when the ship ran aground? As between Fine Furniture and Jaguar Interiors, who bears the loss of the chairs? Ultimately, does D. U. I. Shipping bear legal responsibility for the chairs? INSTRUCTIONS: Read Hypothetical Two below and: 1. Summarize the fact in a full paragraph, 2. Fully answer the questions that follow, 3. The answers should be one full page in length and must comply with the following: • Word file; • Use APA citation method; • 12 pt. Times New Roman font; • 1.5 spacing; and • 1-inch margins. Hypothetical Two (“Dynamic Business Law” - Chapter 27: Negotiation, Holder in Due Course, and Defenses) Fact: Nora Abbey, eighteen years old, is overjoyed to have received her first paycheck from her first employer, Nightingale Fashions, Inc. The check is in the amount of $542.00, and is drawn on the Bank of the Homeland. Eager to document here entitlement to the paycheck, Abbey turns the check over, and signs her name in the “endorsement” section. She gets into her car, and heads to the Bank of the Homeland, where she has a checking account, to make a deposit. Unbeknownst to Nora, the check has slipped out of her pocketbook, and onto Main Street. A cross-wind blows the check onto a street corner. An unidentified woman picks up the check, and later that day, at another Bank of the Homeland branch, she cashes the check. Four weeks later, Nora notices that the check has been processed, and she immediately calls the vice-president of the Bank of the Homeland branch she frequents, requesting that the $542 be credited to her account. The bank vice-president assures Nora that she will “look into it,” but offers no assurances. Questions: Must the bank credit Nora’s account? Why or why not? Explain.