Impact bank ability to collect on promissory note

Assignment Help Business Law and Ethics

Reference no: EM133353821

Assignment:

Mr. and Mrs. Santana decided to get a pool in their backyard. They financed the purchase by issuing a promissory note to Pool Installation Company. The Pool Installation Company sold the promissory note to a bank.

A month after the promissory note matured, the pool started falling apart - the pool pump wouldn't turn on, there was a long crack down the side of the pool, etc. Mr. and Mrs. Santana refused to pay on their promissory note and brought action against the Pool Installation Company for breach of contract.

Explain if the bank is a payee, or a holder, or a holder in due course? Does the breach of contract claim impact the bank's ability to collect on the promissory note?

Reference no: EM133353821

Questions Cloud

Does it matter if the judge is elected : Does it matter if the judge is elected? Does it matter if the judge proclaimed the particular belief?

Does mix approach in tort has social-legal-public benefits : By not only punishing the wrong and compensating the victim but also setting the standard for the future. What is the mixed approach?

Explain the term vicarious liability : Define and explain the term "Vicarious Liability" by researching and looking up a descriptive of its meaning.

Fundamentals of our fundamental freedoms : Ironically, these potent instruments for the restriction of liberty are necessary for the enjoyment of liberty."

Impact bank ability to collect on promissory note : Explain if the bank is a payee, or a holder, or a holder in due course? Does the breach of contract claim impact bank's ability to collect on Promissory note?

Role of a manager at an engineering company : Imagine you've taken on the role of a manager at an engineering company. You've been approached by a supplier of goods-one you haven't worked with before.

Why would law by virtue of the canadian charter of rights : Briefly explain in point form 5 reasons why a Court would or would not uphold the law by virtue of the Canadian Charter of Rights.

What is contingency planning : A: What is contingency planning and B: Why, does this matter in global supply chain management?

What is the future of transportation : What's The Future Of Transportation?16 Experts Share Their Insights - Disruptor Daily Flying cars...crash-proof motorbikes...squirrel chauffers.

User Account

All Pages