Question

Question I - Debbie Debtor borrowed $1,000.00 from First Big Bank. Debbie Debtor agreed to repay the $1,000.00 over eight months plus interest. Debbie Debtor loses her job and stops making payments to First Big Bank after two months. What is the source of law that governs the subsequent remedies that may be available to First Big Bank? Question II - Eddie Embezzler has worked for Betty Boss for many years as an accountant. During his employment, Eddie has taken thousands of dollars from Betty’s business. As a result, Betty has suffered. Did Eddie violate a criminal law, a civil law, or both? Explain.

Answer 1

The remedies for First Big Bank are governed by contract law, while Eddie Embezzler has violated both criminal and civil laws through his actions.

Step-by-step explanation:

The source of law that governs the remedies available to First Big Bank after Debbie Debtor stops making payments is contract law, typically enforced through civil court proceedings. The remedies could include suing for the remaining debt, seizing assets, or garnishing wages, depending on jurisdictional laws and the terms of the loan agreement.

Eddie Embezzler's actions constitute a violation of both criminal and civil laws. Criminally, embezzlement is considered theft or fraud, and civilly, Eddie can be sued by Betty Boss for financial damages to recoup the embezzled funds.

Answer 2

(1). Check Explanation.

(2). Under both laws.

Step-by-step explanation:

(1). Many times, things do not go as one wishes as this is the case of Debbie Debtor in the question above. Debbie Debtor is unable to repay her debt and no matter what the First Big Bank must collect their money back. The ways in which First Big Bank will collect their money back is governed by the Fair Debt Collection Practices Act (FDCPA).

The money can be collected ( if the loan is secured) from the the guarantors or if the bank has taken a mortgage on the loan, the property can be collected by the bank.

(II). Eddie violated both the criminal law and the civil law because embezzlement( a statutory offence) is different from theft(so, we can't really say that it is a criminal case or it violates the criminal law).

Embezzlement is about converting another's person properties into your own. The judgement depends on the kind of property or the situation in which the fund or the properties are embezzled.