Question

In: Finance

Facts: The Venetian approved a credit line of $500,000 to Nehme. One day, while gambling at...

Facts: The Venetian approved a credit line of $500,000 to Nehme. One day, while gambling at the Venetian, Nehme signed a casino marker for $500,000 payable to the Venetian. Nehme exchanged the marker for chips and lost all $500,000 worth of chips playing blackjack. Nehme then left the Venetian with the marker outstanding. The Venetian presented the $500,000 marker to Bank of America, the bank specified on the marker, but the marker was returned for insufficient funds. The Venetian sued Nehme for failure to pay a negotiable instrument.

Issue: Is the Venetian’s casino marker signed by Nehme a negotiable instrument under the Nevada Uniform Commercial Code? If not, why not? If it is, why is it a Negotiable Instrument?

Assuming it is a Negotiable Instrument, even if you do not believe it is one, what arguments can the Venetian use to enforce the Negotiable Instrument?

Solutions

Expert Solution

Here is solution of your question. If you have any query please comment in comment Box and will definitely resolve your query Thank you

jeff jeffy answered 1 year ago
Next > < Previous

Related Solutions

Facts: The Venetian approved a credit line of $500,000 to Nehme. One day, while gambling at...
Facts: The Venetian approved a credit line of $500,000 to Nehme. One day, while gambling at the Venetian, Nehme signed a casino marker for $500,000 payable to the Venetian. Nehme exchanged the marker for chips and lost all $500,000 worth of chips playing blackjack. Nehme then left the Venetian with the marker outstanding. The Venetian presented the $500,000 marker to Bank of America, the bank specified on the marker, but the marker was returned for insufficient funds. The Venetian sued...
Which of the following statements is correct? Select one: a. A line of credit is an...
Which of the following statements is correct? Select one: a. A line of credit is an agreement between a bank and a customer under which the bank guarantees the customer a fixed dollar amount of loan. b. Banks issue commercial paper for raising funds for long periods c. Securitisation of loans reduces banks’ capital requirements. d. The principal source of funds for banks is through the issue of debt securities.
if you have desire to have a 500,000 nest egg one day, how much will you...
if you have desire to have a 500,000 nest egg one day, how much will you need to contribute to an retirement account on a monthly basis assuming you have 30 years to save and expect an average rate or return of 5.5%?
On a $1 million line of credit for one year, a company has agreed to the...
On a $1 million line of credit for one year, a company has agreed to the following conditions: (A) accrue 0.92% monthly interest on any funds borrowed; (B) maintain a compensating balance of 6.98% of any funds borrowed; and (C) pay the accrued interest and the amount borrowed together at the end of the year. The company does not have excess cash and will need to borrow additional funds under the line of credit to keep the compensating balance. If...
Zach Carey was approximately week. One day, while cleaning windows on the eighth floor of the...
Zach Carey was approximately week. One day, while cleaning windows on the eighth floor of the Second National Bank Building, I have tripped and fell from the scaffolding to the pavement below. He has suffered severe multiple injuries but miraculously survived the accident. I was immediately rushed to the local hospital for surgery. I have remained there for 60 days of treatment, after which I was allowed to go home for further recovery. During his hospital stay, I incurred the...
One day while walking in the park, you observe a squirrel munching on an acorn, when...
One day while walking in the park, you observe a squirrel munching on an acorn, when suddenly a hawk comes and grabs and eats the squirrel. What is the squirrel in this situation? A. Predator B. Primary consumer C. Prey D. Secondary consumer E. Both B and C F. Both A and D ------------------------- You have formulated a hypothesis: "Pineapples contain more vitamin C than oranges." To test this hypothesis you measure vitamin C levels in 20 oranges and 20...
We continue the story of Robinson Crusoe from the previous problem. One day, while walking along...
We continue the story of Robinson Crusoe from the previous problem. One day, while walking along the beach, Robinson Crusoe saw a canoe in the water. In the canoe was a native of a nearby island. The native told Robinson that on his island there were 100 people and that they all lived on fish and coconuts. The native said that on his island, it takes 2 hours to catch a fish and 1 hour to find a coconut. The...
Question 24 Scenario: Mark can make three tables and one chair in a day, while John...
Question 24 Scenario: Mark can make three tables and one chair in a day, while John can make four tables and one chair in a day. Refer to the scenario above. Which of the following is true in this case? Mark should specialize in making chairs, because he has a lower opportunity cost of producing them. Mark should specialize in making chairs, because he has a greater opportunity cost of producing them. Mark should specialize in making tables, because he...
Walter Burton was a self-employed window washer earning approximately $700 per week. One day, while cleaning...
Walter Burton was a self-employed window washer earning approximately $700 per week. One day, while cleaning windows on the eighth floor of the Commercial Bank Building, he tripped and fell from the scaffolding to the pavement below. He sustained severe multiple injuries but miraculously survived the accident. He was immediately rushed to the local hospital for surgery. He remained there for 51 days of treatment, after which he was allowed to go home for further recuperation. During his hospital stay,...
Walter Burton was a self-employed window washer earning approximately $700 per week. One day, while cleaning...
Walter Burton was a self-employed window washer earning approximately $700 per week. One day, while cleaning windows on the eighth floor of the Commercial Bank Building, he tripped and fell from the scaffolding to the pavement below. He sustained severe multiple injuries but miraculously survived the accident. He was immediately rushed to the local hospital for surgery. He remained there for 60 days of treatment, after which he was allowed to go home for further recuperation. During his hospital stay,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT