Legal Aspects of Business - Essay Example

The paper "Legal Aspects of Business" is a wonderful example of an essay on business.
Rubber Checks
Rubber Checks, also known as bounced checks, are those which are returned to the customers by the banks because of not having a sufficient amount of funds in the bank account. The rate of depositing a rubber check varies from bank to bank. But in most of the cases, the rate varies between the US $ 20 to the US $ 40. As the check is declared rubber or bounced, there are a number of processes that are to be followed by the banks. At the outset, the bank of the depositor would charge a certain fee either for accepting the check or to pay the check as and when they have the information that the deposit is due. The bank can also prefer not to honor the check and to return it to the paying company or person. In such a case, the bank would charge a bounced check fee (Bounced Check, “What is a Bounced Check?”).

Richard Bell
With almost certainty, the instrument signed by Richard Bell has it has all the attributes of the negotiable instrument. To be more specific, it is an order that is addressed from one person to another to pay money at some future date, duly signed by the person who is giving it. Therefore, it can be specified that the instrument is negotiable.
Conville
The first set of errors was committed by Conville. Though the executive acting on behalf of the Hughesville Manufacturing Corporation, she did not put the name of the corporation below her signature to indicate that she is acting on behalf of the organization. It can be duly believed in good faith that the note was signed by Conville as in her personal case. In due course of time, the holder of the note, the National Bank sued her. Conville defended herself by putting forward the argument that the corporation was liable. But as it was not signed on behalf of the corporation but by Conville (which prima facie looks to be the personal case), so she would be liable on the note. It is now to be decided by the Hughesville Manufacturing Corporation and Conville to decide, who is to pay. Though it is the corporation’s note still suppressing the fact while signing on the part of Conville has raised certain legal issues.
Garden Farm Equipment
Mr. Zucchini bought the tractor in good faith that it was brand new as the salesman, representing the Garden Farm Equipments, assured him. Consequently, Mr. Zucchini paid a promissory note to the company for $ 50,000 as the price of the tractor. Now, the note was endorsed to a third party (Henry) by the Garden Farm Equipment as Henry owed the amount from the company for some other reason. But before the note was honored by the buyer, he was informed that the tractor was old which leads to a breach of trust between the buyer and the company. Consequently, Mr. Zucchini dishonors the bill and Henry is affected for no fault of his own. Henry should contact the company so that the Garden Farm Equipment pays him his due money. Also, Henry can sue the Garden Farm Equipment for the late and the complications in getting the due money (Accounting Review, “Promissory Notes Receivables”).  Read More