Assignment
Problem One:
Futuristic Pharmaceuticals has developed a drug that is claimed to cure the common cold. It has been given the brand name "NeverCold".
You are on the legal staff at the Food and Drug Administration and you have received Futuristic's application for FDA approval.
What information would you give Futuristic on the procedures for approval and licensing of NeverCold?
What would you tell Futuristic to expect in terms of government regulation of NeverCold based on the current policy in place with respect to similar drugs?
If your boss asked you for your views on the regulation and distribution of NeverCold, what would you tell him/her? One of your recommendations would be specific rules regarding this particular drug. Describe the procedures for adopting the rules.
Problem Two:
Soar Airways (Soar) entered into a lease agreement with Planes-to-Go (PTG). As part of its deposit, Soar delivered a promissory note it held to PTG. It was issued by Interavia LCC in favor of First Finance. The note had a face value of $10,000 with a maturity date one year later and was indorsed in blank by First Finance making the instrument a bearer instrument. PTG then negotiated the promissory note to FastCash who paid PTG $9,000. Later, PTG breached its agreement with Soar by failing to deliver the aircraft. After one year, the promissory note matured and FastCash wants to cash in the note. You are the attorney for FastCash. What advice would you give them regarding payment on the promissory note? What would be FastCash status as a holder of the note? What rights would FastCash have and what defenses might they encounter?
Project Instructions
Always submit your best, most thoughtful work. Assignments should be well-organized and should demonstrate the level of writing expected of college students. Present your ideas as thoroughly as you can, providing examples and appropriate citations, (using the Publication Manual of the American Psychological Association, 6th edition). It is usually better to write too much than to turn in a sketchy response. Your writing style is very important, and you will be graded on this aspect of your work in such areas as grammar, punctuation, etc.
Creative approaches, evidence of critical thinking, and detailed answers are required. If you disagree with the materials presented in the course, argue your point with verifiable examples and outside data, properly documented and cited. Remember that even paraphrased material requires proper citation (use APA format, both within the text and in your reference list). Post your assignments as an attachment in your assignment folder on or before the due date (use Word or an RTF file format). No late submissions. Make a backup copy of your work in case you experience computer or network problems when you are uploading your assignment. Submitted assignments will be considered your final submission and submissions by email afterward will not be accepted.
Review and use the instructions and rubric for each assignment. Review the APA guidelines under Course Overview prior to submission. Divide your paper into sections and headline each section. Papers should be approximately 1,250 words, not including title page and references.
Text Book: Advanced Business Law and the Legal Environment was adapted by The Saylor Foundation.
Chapter 13: Nature and Form of Commercial Paper.
Chapter 14: Negotiation of Commercial Paper.
Chapter 15: Holder in Due Course and Defenses.