Bankrupticies, Rights and Securities

Bankrupticies, Rights and Securities

ABSTRACT

Consumers, sellers and creditors all have rights and responsibilities but where is the line drawn and why?  What rights do each of the entities have and how can they use them?  Do the rights and responsibilities really benefit anyone in the end?  Warranties can help in the ways of consumer protection just as bankruptcies can in creditor manners.  The laws that bind are the laws that make these determinations.

The sale of goods act would apply best to the dentist filling the tooth qualifies as sales of goods under the act.  (B)2.      The sale of goods act prohibits the clauses in the contract as each consumer has a right of return for monies or refund.  (D)

The competition act is not of federal legislation.  It is of Canadian legislation for industry competion.  (The Competition Act 2006) (B)Mrs. Olde should easily be able to prove undue influence therefore not have to pay the check.  (C)While the trip is answers A may be considered intangible, the transfer of ownership in a chattle mortgage is not inline with a typical secured debt so the next best answer would be the farmer offering up his crop for repayment of seeds as the crop at the time of the security is intangible.  (B)Holtz dealt and contracted only with Joe, the subcontractors are Joe’s responsibility not Holtz’s.  Holtz will hold no liability in this case and the liens will be removed.  (A)Bankruptcy is not identical in every province in Canada.  (Ronald C. C. CumingProfessor of Law, College of Law- University of Saskatchewan)  (E)Samri, when he finds out, can use the fraud as a defense against Jung.  (D)

Short answersThe Sale of Goods Act places certain obligations on the seller with respect to conveying good title. Those requirements are to make delivery of the goods,  give all documents relating to the goods, and ensure that the goods conform with the contract.

The differences between a cheque and a bill of exchange are minimal.  The difference is that a bill of exchange was more for internation trades than personal obligations.  A personal check by law cannot be postdated or if it is the bank does not have to honor it whereas a bill of exchange can be post dated and the date needs to be honored.  A check is a check whereas a bill of exchange can be called a bank or a trade draft and is similar to a promissory note.The reason for registration for Conditional Sale Act, the Bills of Sale Act, the Personal Property Security Act is to establish the registrant’s priority (NW Territories Dept. of Justice) in personal loan and business loan transactions that are secured.Alternatives to the bankruptcy process is debt consolidation coupled with debt counseling.    In many cases creditors can be contacted to make arrangements for lower payments, a partial payment to clear a debt or a dispensation of interest.

Essay Questions

1.         The manufacturer’s warranty is made to hold the manufacturer liable for defects, parts and sometimes labor and in general for items that don’t work correctly assuming the reason isn’t because of the seller or consumer.  This manufacturer warranty generally holds the seller as not responsible for these defects.  These warranties are usually voided when repairs are attempted, misuse of the item or when an item exhibits wear and tear beyond what would be considered normal i.e. borderline misuse, abuse, large scratches, dents, dings that show droppage.

Electronics are a big manufacturer’s warranty item and sellers are glad for them as many times camera lens get stuck or lcd screens go bad, radios have broken attenas or a cracked case, knobs fall off.  It is these instances that the seller loses no money in repair or replacement.

2.                  When choosing to file bankruptcy, the first thing a person should do is consult an attorney.  It is this attorney who will file the bankruptcy.  Once filed all creditors are made aware of this.  A meeting called the 341 is held and this allows the creditors to question the debtor.  The creditors are not required to attend but the debtor is.  Certain creditors hold a higher priority over other creditors.  A creditor who holds a debt owed for cd’s, furniture, personal belongings, credit cards will have a lower priority than those who hold loans for homes, cars and recreational vehicles.  Those who have an actual security interest will hold the highest priority.  Those who do not hold security interest will have to file a proof of claim menaning that proof that the debtor owes is required.

Depending upon the type of bankrupcy will determine wether there is a trustee.  All cases go in front of a federal judge.  All creditors have a right to share in the distribution, if any, from a case in which they are a party to.  Some creditors can receive little to nothing for the debt owed.  Creditors can also challenge the debtor’s right to discharge and be heard in court.  For some creditors whether you are in individual or a business may make little to no difference depending on the circumstances.  To me, it would make a modicum of difference if it was a company filing bankruptcy simply due to the potential assets that may be forced for sale to repay me.

Case Studies

1.      Sam has recourse in the purchase of the Range Rover wether there is implied warranty or not.  If it be found that the dealer made the comment about it being safest in it’s class was fraudulently stated then Sam has full recourse in which to file suit.  Furthermore there is always a manufacturer warranty or a dealership warranty where there is no sold “As Is” statement on the contract.  Sam also has recourse under Sale of goods act as the Range Rover did not drive as it would be expected.  Sam, as a consumer has a reasonable right to expect the rangew rover to drive correctly and to have it repaired and if under 3 days, many states hold a 3 day cooling off period which falls under a lemon law description.  Sam cannot hold the dealer liable based upon the assumption that because the rover is safest in class that this means someone won’t get hurt.

The fairly simple procedure of obtaining money owed by Hume is to obtain a judgment and once a judgment is obtained then leins and garnishments may be placed upon Hume.  Both of these can be placed upon Hume’s personal property, real estate, bank accounts and wages.  If it can be proven that Hume tried to hide assets by selling the house for $1 and redistributing the boat then Hume can also be charged with fraud.  In some cases this may become a separate charge and have no bearing or minimal bearing on the monies owed, to be repayed.If I were Farrida’s attorney I would immediately file suit citing the sale of  goods act based upon the furniture not being like what was in the catalog.  Furthermore I would confirm that cutthroat services was indeed flybynight’s brother and potentially file fraud charges for illegal business as well as simply because the furniture received by farrida wasn’t what it was supposed to be.  I would also file false adsvertisement as flybynight misrepresented the furniture, knowingly.  There may be other potential charges agaionst flybynight if Farrida indeed did not know what she was doing due to the fact that she couldn’t understand.  There are many different charges that can come forth from fraudulent scams.Considering that there was no stamp on the promissory note should have immediately voided all the transaction and the bailiff should not have attempted to repossess the furniture.  Technically since the promissory note was not stamped there was no deadline for a chattel mortgage let alone a chattel mortgage.  Upon the arrival of the furniture Farrida did right by trying to contact flybynight but should have gone further by writing a letter stating her dissatisfaction and a resolution.  Farrida could have also filed a complaint with a law enforcement officer.

References

Bankruptcy in Brief.  C. 1998-2009.  Moran law Group.  http://www.moranlaw.net/creditor.htm