Final Exam Essay

1143 Words May 9th, 2015 5 Pages
BUSINESS LAW

FINAL EXAM

This is a take-home exam. The exam is to be handed out on July 26, 2012 and returned on July 31, 2012 on the final exam time. The group leader will assign each group member a question and each group member will answer the question and return the answer to the group leader. The group leader will grade each member in terms of cooperation and totality of the answer. The group leader will submit a final draft on exam date (July 31, 2012). The final draft must be done in a professional manner. Please underline or bold-type important terms, laws and phrases. Note, there is no correct answer. The purpose of this exam is for the student to understand the elements of each subject area of the law. When answering
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Furthermore, Ammo delegates the obligation of shipping the merchandise to Ecco. While the goods were in transit, the truck was hijacked and all the merchandise, including Erma’s order. Applying “common law contract principles” are there Party issues? Formation issues? Proof issues? Performance issues? Breach and Discharge issues? What are the available remedies? C. Secured Transaction Arthur is in immediate need of cash. Arthur was involved with an accident where the other party was at fault. Arthur has a pending suit against the other party. The suit has been filed. Arthur goes to a finance company and the finance company agrees to lend Arthur $10,000.00 and to use the suit as collateral. They prepare a financial statement containing all the relevant information. However, the finance company does not file the financial statement with the Recorders Office. Arthur then goes to another finance company and the second finance company using the same suit loans Arthur $20,000.00. Furthermore, the second finance company states in the financial statement that “any property purchased by Arthur with said funds shall be used as collateral to satisfy the loan. Arthur purchases a new car with the funds. The second finance company files the financial statement with the Recorder’s Office. Arthur then sells the new car to Henry for a reasonable price. Please discuss

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