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If Jones receives a promissory note from Smith, who passes it on to Green, who qualifies as a holder in due course, Green is the receiver of assigned contractual rights and is in the same position as Jones.
Promissory Note
A promise to pay the amount stated on the instrument.
Holder in Due Course
A party that holds a negotiable instrument (like a check or promissory note) and has acquired it under certain conditions, providing the holder with certain rights free of many defenses.
Assigned Contractual Rights
The transfer of one party's rights under a contract to another party, allowing the assignee to benefit from the contract.
- Gain an understanding of the jurisdiction-specific differences in consumer protection and sales law.
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Learning Objectives
- Gain an understanding of the jurisdiction-specific differences in consumer protection and sales law.
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