Share
Explore BrainMass

Contracts, Fraud and Forgery

1. First Web Bank, an online financial institution, keeps financial information about its customers. To review this information, the U.S. Department of Justice must first obtain

a. a warrant only
b. the customers' permission only
c. a warrant or the customers' permission
d. none of the above

2. Guy issues a check drawn on his account at First State Bank for $100 "to the order of Suzanne Rice, " but the check is stolen by Harvey before Guy gives it to Suzanne. Harvey forges Suzanne's endorsement and cashes the check at Community Bank. Community presents the check to First State, which cashes it, debits Guy's account, and returns the check to Guy with his monthly statement. When Guy spots the forged endorsement, he asks First State to recredit his account. First State

a. may rightfully refuse only if the forgery truly matched Suzanne's signature
b. may rightfully refuse only if the forgery did not resemble Susanne's signature
c. must recredit Guy's account
d. none of the above

3. If Elizabeth signs her name followed by the word "agent" on the purchase agreement without identifying Donald, then she may

a. be held personally liable on the contract
b. be held personally liable on the contract only if she would have purchased the real estate herself
c. not be held personally liable on the contract as long as Golden Orchards knows that she is acting as an agent for Donald
d. not be held personally liable on the contract because her position as agent for Donald is widely known

Attachments

Solution Preview

Please see response attached, also presented below I hope this helps and take care.

RESPONSE:

Please verify 3 questions/answers for me.

1. First Web Bank, an online financial institution, keeps financial information about its customers. To review this information, the U.S. Department of Justice must first obtain

a. A warrant only
b. The customers' permission only
c. a warrant or the customers' permission
d. None of the above

Why is (c) the best answer?

It is the law that the information can be obtained either by warrant or customer's permission as discussed below:
SEC. 1102. Except as provided by section 1103(c) or (d), 1113, or 1114, no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and--

(1) such customer has authorized such disclosure in accordance with section 1104;
(2) such financial records are disclosed in response to an administrative subpena or summons which meets the requirements of section 1105;
(3) such financial records are disclosed in response to a search warrant which meets the requirements of section 1106;
(4) such financial records are disclosed in response ...

Solution Summary

This solution provides the solution for three multiple choice questions e.g. viewing customer's financial information, warrant, forgery, etc. and also explains why the answer is the best answer.

$2.19