Assignment:
Question 1. Hilary bought jewelry at the request of her elderly mother, using her own credit card. Her mother issued a cheque to Hilary for the cost of the jewelry, $225. Hilary owed $225. to her neighbour, Jim Butler. Hilary signed the back of the cheque with her name and gave it to Butler to satisfy her debt to him. Butler lost the cheque.
- What should Butler do? Explain why.
- What should Hilary or her mother do?
Question 2. After running a successful small lumber yard business for 22 years, Owen, the president of Owen Lumber Ltd., just received the latest financial statements from the accountants which reveal a serious downturn in revenues as a result of the collapse of the lumber industry in BC. The company has been sued by several of its creditors.
- What options are open to Owen?
Your answer must be in 1 page, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format.