Business Law: A Promissory Note - Essay Example

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Summary

"Business Law: A Promissory Note" paper examines the case of James A. Arnold and Marvin D. Smith who signed two promissory notes for a total of $25,000 payable to Bostwick Banking. The defendants argued that they were not liable on the notes because they signed as agents for Sunshine Sales Corp…

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Subject: Law
Type: Essay
Level: Masters
Pages: 1 (250 words)
Downloads: 2
Author: bergeriver

Extract of sample "Business Law: A Promissory Note"

The above are the conditions and instructions present in a promissory note and after it is signed, it is considered legally binding (Miller and Jentz, 394).In the above-mentioned case, even though the defendants were acting only as agents of the real promisor who is Sunshine Sales Corp., the promissory note that they signed did not indicate that and hence they are once considered to be the promisor in this situation. The defendants indicate that a bank officer promised to type the name but they have no witnesses or evidence of such a conversation and hence it cannot hold water in a court of law.

They are therefore liable on the notes and all the evidence from the promissory notes states that. If only they had indicated the name of Sunshine Sales Corp. or they had waited until the name was indicated by the bank officer, then they would not be liable as they are now.

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