Learning Goal: I’m working on a business law case study and need an explanation and answer to help me learn.
You are a Chief Financial Officer (CFO) at Intrepid Investments (II). Your boss, Ellie Earner, is CEO of II. EE asks you to look into what potential liability, if any, II may have for her actions over last weekend so she may discuss this with an attorney.
It seems EE was feeling rather generous after watching her granddaughter, Annie Actress (AA), perform well at her district high school speech and debate competition. EE scratched out on a paper napkin that II would pay AA a $10,000 college scholarship from II’s petty cash account if AA continued to excel at speech and debate throughout her high school career. AA needed money now, though, so she gave the document to Carl Classmate (CC) for $7,000. CC then gave the document to Sandra Stranger (SS) for $5,000.
AA continued her excellence, and AA told EE she lost the napkin. EE verbally ordered II to pay AA $10,000.
Inform EE of what liability, if any, II may have to pay AA so EE may discuss further with an attorney.
You are an executive for Best Burgers (BB). You sell and manage BB’s franchises. You negotiate a deal to sell a franchise to Frieda Flipper (FF) for one million dollars.
FF writes BB a personal check for $100,000, and she borrows $900,000 from Lucky Lender Bank (LL). The payee’s slot on the personal check is left blank, and FF hands the check to your receptionist, Sam Slippery (SS). SS fills in his name, deposits the check in his personal account, withdraws it once the check clears, and skips town. You confront FF about the check and threaten to close the franchise. In retaliation, FF stops paying on the note.
Discuss the strengths and weaknesses in trying to recover the million dollars.
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