Andre writes a check for $2,600, payable to Anthony, and drawn on FirstNational Bank. Anthony indorses the check on the back and gives thecheck to Simon to repay a loan. Simon indorses the check on the back andtakes the check to First National Bank to cash the check and receive themoney. If First National Bank dishonors the check, Simon can collect the$2,600 from Anthony:under no circumstances; Anthony is merely an indorser,not a maker.if First National Bank does not pay the check within sixmonths.if Andre refuses to pay and Simon gives timely notice ofdishonor to Anthony.if Simon gives timely notice of dishonor to Anthony.

In this scenario, we are presented with a situation involving a check for $2,600 written by Andre,…

Answered: Andre writes a check for $2,600,…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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1. Assuming the Accused K was prosecuted for violation of Anti-Bouncing Checks Law, what defense under the law may she offer to escape criminal liability? A. No written notice of dishonor of the check was received by the drawer or maker from the drawee bank, the holder of the check, or the offended party. B. The check in issue is merely a memorandum check. C. The person whose signature appears on the check is merely an employee of a corporation, induced by her employer to countersign the check in blank, without knowing the name of the payee. D. The drawer, within 5 banking days from receipt of the notice of dishonor, tried to make arrangements for the partial payment of the check granted limited funds with the payee refusing to accede to such scenario. 2. K, an employee of a growing BPO earns a salary which is just a bit more than what he needs for a comfortable living. He maintains a P10,000 savings account, a P20,000 checking account, a P30,000 money market…
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