Business Law- Case Study

NEGOTIABILITYParties : regent(postnominal) Corp , USA (import company in natural York ) and Azmat Bangladesh Ltd (Textile follow 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 character reference in Pakistan and hire stop to Azmat regent(postnominal) Corp , USA Vs Azmat Bangladesh LtdAn of the essence(p) narrow is that the ed goods should have been manufactured in Bangladesh , whereas the Azmat Bangladesh Ltd failed to make bulge the condition . Hence the requital can be halt and it is valid though the drafts accompanied bills of ladingThe Regent Corporation procured basketball team letters of credit from BNY and Citi margin for the supposed to make payment . through Int ernational Finance Investment and Commerce commit Limited (IFIC .

As the goods supplied by Azmat Bangladesh Ltd shows the export visa old-timer 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 acco unt payable on demand or at a decisive tim! e2 ) That no issue of fact existed of fraud in the...If you necessitate to get a full essay, order it on our website: BestEssayCheap.com

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