« previous next »

Author Question: Bill decided that it was time to remodel his home. Among the features that Bill had included in his ... (Read 193 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?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

Street names for barbiturates include reds, red devils, yellow jackets, blue heavens, Christmas trees, and rainbows. They are commonly referred to as downers.

Transdermal patch administration: (b) patch immediately applied to clean, dry, hairless skin and lab Transdermal patch administration: (b) patch immediately applied to clean, dry, hairless skin and lab
Using a vacuum hose and a test light to ground one cylinder at a time on a distributorless ignition ... Using a vacuum hose and a test light to ground one cylinder at a time on a distributorless ignition ...
Features Associated with Tidal Currents Features Associated with Tidal Currents
Distingutioning features of blood vessels Distingutioning features of blood vessels
Estimated number of new HIV infections per year over time period in Canada Estimated number of new HIV infections per year over time period in Canada
How a Bill becomes law: neat and tidy version How a Bill becomes law: neat and tidy version
Video: Chronology of leptin research (A history of leptin research)

For a complete list of videos, visit our video library