Commercial Law Concepts

1.How does the definition of value for purposes of holder in due course differ from the definition of consideration? Why do you think there is a difference? Should there be a difference?

2. The law of negotiable instruments was designed to create a substitute for cash and to facilitate commerce. Has the importance of negotiable instruments in commerce increased or decreased in recent years? How will increased online commerce affect the importance of negotiable instruments?

3. What are the basic elements of a contract? ______+______+________= contract (This is really basic, do not over think this one)

4. Barry is the computer systems director for a medium-sized consulting firm. One night Barry is at happy hour at a local bar talking about his job with some people he has just met. Barry mentions that he needs to buy computers for the three new persons the firm has recently hired. One of the persons he has just met, Tom, asks Barry what kind of computers he plans to purchase. Barry says, “I’m not sure. I’m still checking out what’s available.” Tom says, “Well, I can get you anything you want for much less than the stores.” A week later Barry calls Tom and says he is interested in the Cybermega 4000 model, and would order three if the price was right. Tom quotes a price, which is about half the normal price. Three days later Tom comes to Barry’s office with the three computers. Barry is curious why only one is in a box and Tom replies, “Oh, I thought you wouldn’t want the trash in your office. I also already sent in the warranty cards for you to save you the trouble.” Later it is learned that the computers were stolen a few days before Tom took them to Barry. Is Barry or the consulting firm guilty of receiving stolen property?

5. Discuss how the doctrine of strict liability differs from the doctrine of negligence. What are some types of conduct for which the doctrine of strict liability has been applied? Is it fair that defendants may be found liable without evidence of wrongful conduct?

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