Commercial Paper Essay According to the norms and rules of UCC the document under analysis is a negotiable commercial paper. Article 3 of the mentioned code stated that: A negotiable instrument is a signed writing that contains a promise or order to pay an exact sum of money, when demanded or at an exact future time. The instrument has all stipulated norms. The instrument meets the following four requirements authorized by Article 3 of the Uniform Commercial Code: it is in writing and signed by the maker; it contains an unconditional order to pay a certain sum in money; it is payable at a definite time; it is payable to order. According to the UCC norms Meglo is qualified as a Holder in Due Course, entitled to collect the full $2,000. Being a holder in due course Meglo is taken the instrument under the following conditions: he became the holder of it before it was overdue, and without notice that it was previously dishonored; Meglo took it in good faith and for value; the instrument was complete and regular upon its face. The main fact that Meglo has a right to receive the full amount of money is that at the time it was negotiated, the holder had no notice of an infirmity in the instrument or claims upon goods it was issued.
Noreens defense is not valid against a Holder in Due Course. Article 3 UCC states that a holder in due course holds the instrument free from any defect of title of prior parties, and free from defenses available to prior parties among themselves, and may enforce payment of the instrument for the full amount thereof against all parties liable thereon. Meglo purchased the instrument from Smith without notice that it there was claim upon the goods. Refusing to pay Noreen alleged that the typewriters were defective and did not satisfy certain warranties given in connection with the purchase, which was guaranteed for one year. A year passed and he did not notify the seller about defective equipment. On the other hand, Noreen can supply another lot of goods which will satisfy the requirement of Noreens company or upgrade the sold goods. As UCC stated negotiation may be rescinded, but those remedies may not be asserted against a subsequent a Holder on Due course, a person paying the instrument without knowledge of facts that are a basis for rescission or other remedy.
The Essay on A Good Man Religious Pt Of View
Let's take a look at "A Good Man Is hard to Find".O'Conner really puts the reader in the middle class mode and trough's a little religion at us . In this I mean that she really took us to a important part of her mind and writing. One mite say that she lets the Devil come out in her own little way. In reading " A Good Man is Hard to Find" O'Conner puts me in a setting of a lower middle class family ...
In this very case Noreen is obliged to pay the stipulated sum of 2 000 $ plus interest rate. Assuming that the instrument is non-negotiable and according to the UCC Smith should compensate Meglo full sum of money paid for the instrument plus negotiated interest rate for losses..
