« previous next »

Author Question: Bill decided that it was time to remodel his home. Among the features that Bill had included in his ... (Read 180 times)

ishan

  • Hero Member
  • *****
  • Posts: 546
on: Jun 24, 2018
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?

Question 2

A posthumous heir is one born after the death of the intestate.
  Indicate whether the statement is true or false


mjbamaung

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jun 24, 2018
Answer to Question 1

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.

Answer to Question 2

TRUE


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

In most cases, kidneys can recover from almost complete loss of function, such as in acute kidney (renal) failure.

Common structural features Common structural features
Down Syndrome Features Down Syndrome Features
Although average brain size increases gradually though time in H. erectus, individuals with small br Although average brain size increases gradually though time in H. erectus, individuals with small br
The features found in a long bone. The features found in a long bone.
Bill Size in African Finches Bill Size in African Finches
The Hfr chromosome time-of-entry map is assembled from the recombinant data The Hfr chromosome time-of-entry map is assembled from the recombinant data
Video: Evolutionary tree of life Animation

For a complete list of videos, visit our video library