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Cooke borrowed money from Haddon and gave as collateral four cases of champagne and a promissory note. When Cooke failed

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Cooke borrowed money from Haddon and gave as collateral four cases of champagne and a promissory note. When Cooke failed to pay the debt, Haddon obtained a judgment for the outstanding balance. Cooke promptly paid and demanded return of the collateral. But Haddon had consumed part of the champagne. Cooke sued Haddon for the value of the champagne. Who wins and why?

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In this scenario it appears that Cooke lent money to Haddon and used four cases of champagne and a promissory note as collateral for the loan Cooke su…View the full answer


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Related Book For  answer-question
Essentials Of Business Law

Essentials Of Business Law

ISBN: 9781337404198

6th Edition

Authors: Jeffrey F Beatty, Susan S Samuelson

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Question Details
Chapter # 24- SECURED TRANSACTIONS
Section: CASE QUESTIONS
Problem: 5
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Question Posted: August 30, 2023 14:50:47
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