M issued a negotiable order instrument to P in exchange for 10 cows to be delivered 90 days from date of issue. P endorsed it to A, then A to B. However, P was not able to deliver the cows on the due date. A did not know about the said non-delivery, but B did. Can B seek payment from M? YES OR NO?
M issued a negotiable order instrument to P in exchange for 10 cows to be delivered 90 days from date of issue. P endorsed it to A, then A to B. However, P was not able to deliver the cows on the due date. A did not know about the said non-delivery, but B did. Can B seek payment from M? YES OR NO?
Business Its Legal Ethical & Global Environment
10th Edition
ISBN:9781305224414
Author:JENNINGS
Publisher:JENNINGS
Chapter3: The Judicial System
Section: Chapter Questions
Problem 5QAP
Related questions
Question
M issued a negotiable order instrument to P in exchange for 10 cows to be delivered 90 days from date of issue. P endorsed it to A, then A to B. However, P was not able to deliver the cows on the due date. A did not know about the said non-delivery, but B did. Can B seek payment from M? YES OR NO?
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
Business Its Legal Ethical & Global Environment
Accounting
ISBN:
9781305224414
Author:
JENNINGS
Publisher:
Cengage
Business Its Legal Ethical & Global Environment
Accounting
ISBN:
9781305224414
Author:
JENNINGS
Publisher:
Cengage