Business Law: A Promissory Note - Essay Example

Add to wishlist

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…

Download full paper File format: .doc, available for editing

GRAB THE BEST PAPER97.8% of users find it useful

Read Text Preview

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.

Cite this document

APA
MLA
CHICAGO

(“Chp 24 dis Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Chp 24 dis Essay Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/law/1599181-chp-24-dis

(Chp 24 Dis Essay Example | Topics and Well Written Essays - 250 Words)
Chp 24 Dis Essay Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/law/1599181-chp-24-dis.

“Chp 24 Dis Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/law/1599181-chp-24-dis.

Cited: 0 times

CHECK THESE SAMPLES OF Business Law: A Promissory Note

Australian Law: Promissory Estoppel

It is important to note that there are some limitations to the doctrine of estoppel.... The purpose of this paper "Australian Law: promissory Estoppel" is to clearly show an understanding of promissory estoppel's doctrine as applied in Australian courts.... The project will, therefore, involve detailing facts about promissory estoppel based on Australian law.... promissory estoppel can, therefore, be defined as the legal doctrine that bars a person from making a promise and then withdrawing it at a time when a second party has reasonably acted upon the promise to their detriment....

8 Pages (2000 words) Term Paper

Use of Promissory Estoppel in Business Contracts

Use of promissory Estoppel in Business Contracts ... his essay discusses the concept of promissory Estoppel.... It discusses the section 90 and 139 of Restatement of Contracts which form the basis of the concept of promissory Estoppel.... Use of promissory Estoppel in Business Contracts ... his essay discusses the concept of promissory Estoppel.... It discusses the section 90 and 139 of Restatement of Contracts which form the basis of the concept of promissory Estoppel....

11 Pages (2750 words) Essay

Doctrine of Consideration and Promissory Estoppel

The case study "Doctrine of Consideration and promissory Estoppel" is about consideration and promissory Estoppel doctrines and how they intermarry.... However, any action under the promissory estoppel doctrine is highly likely to be executed under equity in the absence of a jury.... A plaintiff of promissory estoppels doctrine has also to overcome a great deal of hostility by the judiciary to such doctrine.... (Luepke, 2002) In the period from the year 1809 to 1991, common law has made a clear provision that any promise by a party to make a performance of any act, which that party has prior legal obligation to perform, such is not a good consideration....

8 Pages (2000 words) Case Study

Promissory Estoppel

For Farber and Matheson (1985), promissory estoppels enforces “promises in settings not amenable to traditional bargaining transactions, In this view, promissory estoppel is established as a contractual obligation that will in fact harmonize the often-divergent philosophies adhered to by legal scholars.... This article looks at the different circumstances when promissory estoppel is used in the English courts and tries to summarize why the doctrine is an important part of contract law....

7 Pages (1750 words) Essay

Consideration and Promissory Estoppels

The "Consideration and promissory Estoppels" paper argues that the promissory estoppel waves the need for consideration in a contract.... However, in order for the doctrine of promissory estoppels to apply the party pursuing justice must be acting fairly in order for the justice to prevail.... The promisor cannot use the promissory estoppels doctrine to acquire more benefits than what was delivered in the consideration as stated in the case of Williams v Roffey Bros & Nicholls (Contractors) Ltd....

8 Pages (2000 words) Coursework

The Law of Contract

It is important to note that an offeror cannot say that an offeree's silence equates to acceptance.... This work called "The Law of Contract" describes valid explanations of what an offer, an invitation to treat, acceptance, consideration, and promissory Estoppel are, as well as the rules and procedures applicable to them.... The author outlines rules of consideration, some business situations, the main aspects of the contract agreement....

7 Pages (1750 words) Essay

The Doctrine of Promissory Estoppel to Prevent Unjust Outcome from Strict Application of Common Law

The paper 'The Doctrine of promissory Estoppel to Prevent Unjust Outcome from Strict Application of Common Law' is an engrossing variant of a case study on the law.... The paper 'The Doctrine of promissory Estoppel to Prevent Unjust Outcome from Strict Application of Common Law' is an engrossing variant of a case study on the law.... The paper 'The Doctrine of promissory Estoppel to Prevent Unjust Outcome from Strict Application of Common Law' is an engrossing variant of a case study on the law....

8 Pages (2000 words) Case Study

Origins of the Doctrine of Promissory Estoppel

The paper "Origins of the Doctrine of promissory Estoppel" is a great example of law coursework.... The doctrine of promissory estoppel is attributed to Lord Denning's Central London Property v High Trees case the grounds of which in history originate from two pre-existing common law estoppel sources, a strategy for imposing constancy invoked.... The paper "Origins of the Doctrine of promissory Estoppel" is a great example of law coursework.... The doctrine of promissory estoppel is attributed to Lord Denning's Central London Property v High Trees case the grounds of which in history originate from two pre-existing common law estoppel sources, a strategy for imposing constancy invoked....

10 Pages (2500 words) Coursework