Business Law- Case Study

NEGOTIABILITYParties : regent(postnominal) Corp , USA (import company in natural York ) and Azmat Bangladesh Ltd (Textile fraternity in BangladeshContract : Purchase of bed sheets and pillowcases for resale in get unneurotic StatesCondition : Required goods should have been manufactured in BangladeshDispute : Goods manufactured secern in Pakistan and hire stop to Azmat regent(postnominal) Corp , USA Vs Azmat Bangladesh LtdAn of the essence(p) agree is that the ed goods should have been manufactured in Bangladesh , whereas the Azmat Bangladesh Ltd failed to make bulge the condition . Hence the defrayal 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 Fin ance Investment and Commerce desire 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 wer e not due on demand or at a defined time2! ) That no issue of fact existed of fraud in the...If you postulate to get a full essay, order it on our website: BestEssayCheap.com

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