Sandra and Thomas McGuire entered into a purchase and sale agreement for Becca's Boutique with Pascal and
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The Tursis had for several months been negotiating with Parker Perry for the purchase of the Green Mountain Inn in Stowe, Vermont. On September 7, 2014, the Tursis delivered to Perry a $65,000 promissory note payable to the order of Green Mountain Inn, Inc. This note was secured by transfer to the Green Mountain Inn of the McGuires' note to the Tursis. Subsequently, Mrs. McGuire learned that her Small Business Administration loan had been disapproved. On December 5, 2014, the Tursis defaulted on their promissory note to the Green Mountain Inn. On June 11, 2014, PP, Inc., formerly Green Mountain Inn, Inc., brought an action against the McGuires to recover on the note held as security for the Tursis' promissory note. Discuss whether the instrument is negotiable.
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Related Book For
Smith and Robersons Business Law
ISBN: 978-0538473637
16th edition
Authors: Richard A. Mann, Barry S. Roberts
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