Fine Furniture Case Summary

Decent Essays

Fine Furniture, Inc. and Jaguar Interiors both agreed to terms of a sales contract. A contract involves two or more parties promising to perform an action in exchange for consideration. Consideration is what each party receives in return for each party’s promise in the contract. In this example, a sale of goods was involved. A sale means that the seller is passing title, or ownership, of the goods to the buyer for a price. Goods are physical items that can be moved at the time of identification to the contract. In this scenario, Fine Furniture, Inc., a furniture manufacturer, offered to sell 1,000 dining room chairs to a buyer, Jaguar Interiors, for the price of $100,000. The sale of goods is the proposed offer of 1,000 dining room chairs for $100,000 in …show more content…

This grants her special rights and privileges. Nora drove to her bank, Bank of the Homeland, to deposit the check into her checking account. Unfortunately, before she even stepped into her car to drive, the check fell out of her pocketbook and onto the street. A gust of wind sent the check onto the street corner and an anonymous woman picked it up. Later that day, the woman cashed the check at a different Bank of the Homeland. After four weeks, Nora noticed that the check was processed and she subsequently called the vice president of her Bank of Homelands branch. She wants the $542 from the paycheck to be credited to her checking account. The vice president says that she will “look into it” and unfortunately for Nora, does not guarantee a resolution to the problem. There are a number of issues to analyze here. First of all, Nora is a holder in due course and this does grant her rights and freedom, from defenses such as fraud in the inducement in the underlying contract, illegality, and duress. However, this does not mean that the bank is liable in this

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