Al purchased a car from Honest Bob’s Cars for $700. Al paid $200 in cash and signed an installment contract for $500, which in its entirety stated: January 15, 2018 I promise to pay to the order of Honest Bob’s Cars the sum of $500 in ten equal installments. (signed) Al Honest Bob’s negotiated the instrument to Tom, who took it for value and in good faith. After Al had paid two installments, the refrigerator ceased operating and Al wishes to recover his down payment and first two monthly payments and to discontinue further payments. What result?

Al purchased a car from Honest Bob’s Cars for $700. Al paid $200 in cash and signed an installment contract for $500, which in its entirety stated: January 15, 2018 I promise to pay to the order of Honest Bob’s Cars the sum of $500 in ten equal installments. (signed) Al Honest Bob’s negotiated the instrument to Tom, who took it for value and in good faith. After Al had paid two installments, the refrigerator ceased operating and Al wishes to recover his down payment and first two monthly payments and to discontinue further payments. What result?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 34P

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