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Davis v. Watson Brothers Plumbing, Inc.

FACTS Arnett Lee presented a $152.38 check for cashing to the plaintiff, liquor store operator Troy Davis. After Davis gave Lee the cash, Lee requested a bottle of scotch and a six-pack of beer. As Davis turned to fill the order, a thief stole $110.00 of the $152.38. Lee immediately contacted the defendant-drawer of the check, Watson Brothers Plumbing, Inc., and notified them of the loss. The defendant (Watson) then issued another check for $152.38 and stopped payment on the first check held by Davis. Davis brought this action against Watson for the full amount of the check.

DECISION Judgment for Davis for $152.38.

OPINION Davis was the holder of the check, and Watson failed to raise any valid defense to enforcement of the check against it. Any party “who is in possession of … an instrument … indorsed to him … in blank” is a “holder.” Since Lee indorsed the check in blank to Davis, Davis is a holder. The holder of a draft is entitled to receive its full amount from the drawer upon dishonor of the check, unless the drawer has a valid defense to the holder’s enforcement of the check against it. Watson argues that it may raise the defense of insufficiency or failure of consideration in the transaction between Davis and Lee. But the transfer of the check by Lee to Davis has no effect upon Watson’s obligation to pay the check according to its tenor. “Consideration” is concerned with Lee’s transaction with Watson, not with whether Davis gave anything in consideration for the check to Lee. Since Watson has no defense to enforcement of the check against Lee, it has no defense against Davis, regardless of whether Davis gave full consideration for the check.

INTERPRETATION The drawer’s liability is contingent upon dishonor of the instrument.

CRITICAL THINKING QUESTION Should the drawer be permitted to raise defenses of other parties to the instrument? Explain.

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According to the Office for National Statistics’, the average weekly wage of a professional is £704.1 a week and the average weekly wage of a manager and senior official is £721.7. Assume that such wages are normally distributed in the population and that the population variances are equal. Suppose these figures were actually obtained from the data below.

a. Use these data and  0.10 to test to determine if there is a signifi cant diff erence in the mean weekly wage of a professional and the mean weekly wage of manager and senior official.

b. Using these same data, construct a 90% confi dence interval to estimate the difference in the population mean weekly wages of professionals and managers and senior officials.

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Putting It Together: Weldon’s Dice On February 2, 1894, Frank Raphael Weldon wrote a letter to Francis Galton that included the results of 26,306 rolls of 12 dice. Weldon recorded the results such that a roll of a 5 or 6 resulted in a success, while a roll of 1, 2, 3, or 4 was a failure. The number of successes in each roll of the 12 dice is recorded in the table.

(a) What is the probability of rolling a 5 or 6 when throwing a six-sided fair die?

(b) Treating the probability determined in part (a) as the probability of success, compute the theoretical probability of 0, 1, 2, … , 12 successes in throwing 12 dice.

(c) Use the probabilities found in part (b) to determine the expected frequency in observing 0, 1, 2, … , 12 successes after throwing the 12 dice 26,306 times.

(d) Conduct a goodness-of-fit test to determine if the number of successes follows a binomial probability distribution. Note: Combine 11 and 12 into a single bin.

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BUSINESS PLAN

Company Mission Statement

The company mission statement describes what the purpose of a company is.

Company Vision Statement

The business statement describes what your business will look like in three, five, or ten years. Your idea of what your company should be.

Company Objectives

What results must your business achieve to be successful? List 3 goals that your business should achieve to be successful

1.

2.

3.

Marketing

A. List three characteristics/demographics of your target market.

1) Age range:

3) Where they are located: _______

B. List and describe three ways of advertising to reach your target market

Services/Products

List and describe an example of 3 products or services that your business will offer. Include a picture for each product and list the characteristics of the product (e.g. for a clothing store mention sizes, colors, etc.). How do your business differentiate from competitors?

Choose any business of your choice and answer the following questions:

Company Name: _______________________________________

Company Mission Statement

The company mission statement describes what the purpose of a company is.

Company Vision Statement

The business statement describes what your business will look like in three, five, or ten years. Your idea of what your company should be.

Company Objectives

What results must your business achieve to be successful? List 3 goals that your business should achieve to be successful

1.

2.

3.

Marketing

A. List three characteristics/demographics of your target market.

1) Age range:

3) Where they are located: _______

B. List and describe three ways of advertising to reach your target market

Services/Products

List and describe an example of 3 products or services that your business will offer. Include a picture for each product and list the characteristics of the product (e.g. for a clothing store mention sizes, colors, etc.). How do your business differentiate from competitors?

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