Bill decided that it was time to remodel his home. Among the features that Bill had included in his remodeling plan was the addition of several very large picture windows. Because of the great expense of the windows, Bill financed the cost through the
issuance of a promissory note. The manufacturer of the windows sold the promissory note to a bank. Just after the promissory note matured, the windows began to leak badly. Bill refused to pay on his promissory note and brought action against the manufacturer for breach of contract. Will the bank recover on the promissory note?
?The bank will recover from Bill on the promissory note. Because the bank was the first transferee, the status of a holder through a holder in due course is unavailable. However, the bank probably meets the requirements of a holder in due course. Arguably, value was given for the promissory note, and it was probably an arm's-length transaction indicating good faith. It also appears that the bank had no notice of the defect. Given the bank's holder in due course status, the argument of breach of contract will not be effective, for it is a limited defense that is not available against a holder in due course.
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Answer the following statement(s) true (T) or false (F)
1. The Better Business Bureau is considered to be one of the best-known self-regulatory agencies in the country. This position is enhance by its strong enforcement powers. 2. NARB screens national advertisements for honesty and handles complaints about deceptive ads. 3. The Better Business Bureau and the National Advertising Review Board are the only self-regulatory programs in the United States. 4. A social audit is a systematic self-review of an organization’s social responsibility performance. 5. SA8000 is a global social responsibility standard that has been adopted by over 100 countries.
Speedy Stop sells necessities to neighborhood shoppers until 1 a.m. every day. Dairyland delivered its order of milk products as usual around 6 a.m. while Mary, the shopkeeper, was busy with the early coffee and donut crowd. The Dairyland driver left 12
crates in the refrigerator compartment and went on to the rest of his route. At 7:30 a.m., Mary went into the freezer to shelve the milk products and discovered that all 12 crates contained buttermilk rather than the usual mix of containers of whole milk, 2%, skim milk, and cream variety she had ordered. What is her obligation with regard to the goods?
Plezion Corp. is an independent distributor that connects furniture sellers to its buyers. The company distributes furniture made of plastic, wood, and carbon fiber on a large scale. The company does not take legal ownership of the goods it distributes. In this scenario, it can be said that Plezion Corp. is a(n) _____.
A. retailer B. agent C. merchant wholesaler D. end user
General Hospital has noted that it admits an average of 8 patients per hour
a. Define the random variable in words for this experiment. b. What is the probability that during the next hour fewer than 3 patients will be admitted? c. What is the probability that during the next 2 hours exactly 8 patients will be admitted?