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BUS125 The Case of the Overdue Loan Discussion
BUS125 The Case of the Overdue Loan Discussion
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
BUS125 The Case of the Overdue Loan Discussion
THE CASE OF THE OVERDUE LOAN
Hahane, as an individual, had an option to purchase a valuable piece of land for $500,000, provided she exercised the option by a certain date by mailing a deposit check for $50,000.
This land was appraised at $600,000 and she intended to build housing for her family and her elderly mother on it. She drew a check for $50,000 on her personal checking account she had at First American Bank and mailed it to the landowner. Hahane had this checking account for 10 years. At the time she drew the check, she verified electronically that she had $60,000 in this personal account. However the LLC, HELPING HAND, LLC, of which she was one of two members, owed the bank $30,000 for a loan collateralized with the LLC’s assets.. ‘
That loan was 60 days overdue. That loan had been taken out two years ago. The bank refused to honor the $50,000 check and spent $750.00 handling the resulting paperwork. As a result of the dishonorment, Hahane’s option became void, and the landowner sold the land to someone else for $550,000, resulting in a severe loss to Hahane. She sued the bank for damages.
The Trial
At trial, Hahane’s attorneys proved the value of the land, her losses, and the fact that she had always paid the bank on time, The LLC’s business payment was overdue.
The bank’s attorneys proved that the LLC was over sixty days late on the last LLC loan payment and that it was their not their practice to notify customers that there might be insufficient funds in their accounts to cover all checks written, as doing so would place an undue burden on the banking system.
The Arguments at Trial
Hahane’s attorneys argued that a bank has no right to dishonor a check except for the normal reasons permitted by law, such as a suspected forgery, an improper endorsement, and so forth.
They further argued that the bank, based on its relationship with Hahane, should have contacted her before dishonoring the check so that she could have taken other action to prevent her loss of the land and that she did not have an automatic deduction from her personal account for the LLC’s loan.
The bank’s attorneys argued that Hahane’s being overdue on her last loan payment indicated she was in financial trouble, that they had a right to seize her account to cover the overdue payment, and that instead they simply refused to honor checks on her account until the overdue loan was paid.
They further argued that based on banking industry customs, it is the responsibility of the customer and not the bank to make sure there are sufficient funds to cover checks written.
They were losing money each day that the loan was unpaid.
Questions to Discuss
Whom do you think the jury will favor, Hahane or the bank? Why?
If you feel Hahane should win, what will her damages be? If you feel the bank should win, what will their damages be?
Under what circumstances, if any, should a bank be able to offset a loan to a customer against any bank account on which the customer’s name appears?
BUS125 The Case of the Overdue Loan Discussion
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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