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$1.00 Business Law Question
- From Law: Business-Law
- Closed, but you can still post tutorials
- Due on Dec. 17, 2008
- Asked on Dec 17, 2008 at 3:22:05PM
Q:Moderna, a famous pop star, was in contract to purchase a new home in the Hamptons.
The contract language indicated that it was contingent upon her being approved by JP Morgan Chase for a mortgage in the sum of $1.5 million. The contract sale price was $3 million due to the fact that the house was located a block from the water. The bank rejected her loan application. The Seller threatened to keep her contract deposit if she failed to close title and pay the $3 million in cash. What are the rights of the parties?
Guy sends a check to Sam. The check is for the sum of $75,000.. The wording on the check is: seventy five thousand dollars. However, the numerals written in the adjoining space states $70,000. Sam brings the check to his bank. The teller is confused and shows the check to the manager. What should the bank manager advise Sam about the negotiability of such an ambiguous instrument?
