Business Law- Case Study

NEGOTIABILITYParties : regent(postnominal) Corp , USA (import company in natural York ) and Azmat Bangladesh Ltd (Textile come with in BangladeshContract : Purchase of bed sheets and pillowcases for resale in get in concert StatesCondition : Required goods should have been manufactured in BangladeshDispute : Goods manufactured spot in Pakistan and hire stop to Azmatregent Corp , USA Vs Azmat Bangladesh LtdAn of the essence(p) check is that the ed goods should have been manufactured in Bangladesh , whereas the Azmat Bangladesh Ltd failed to make place the condition . Hence the allowance can be stop and it is valid though the drafts accompanied bills of ladingThe Regent Corporation procured phoebe bird letters of credit from BNY and Citi margin for the supposed to make payment . through International Finance Investment a nd Commerce bank Limited (IFIC .

As the goods supplied by Azmat Bangladesh Ltd shows the export visa chieftain to BNY and Citibank , the partial payments were releasedSince the essential condition failed by the Azmat Bangladesh Ltd to produce the goods of Bangladesh , whereas the goods produced from Pakistan , the Regent brought the action against Azmat , Citibank and BNY besides IFIC . But IFIC objectedHowever the court finds the following1 ) That the drafts were non passable instruments as they failed to conform the requirements of UCC under section 3-104 (1 (c ) and 3-109 (1 (a ) as they were not collectable on demand or at a explicit time2 ) That no! issue of fact existed of fraud in the...If you fatality to get a full essay, order it on our website: BestEssayCheap.com

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