In exchange for a new roof, Paul gave Buck a Promissory Note, promising to pay to Buck's order $8,000.00, in six months at 10% interest. Paul failed to make payment on the maturity date and Buck filed a lawsuit. Paul used Failure of Consideration as the defense, saying that the roofing job was done in a poor and improper manner. The court held that Buck was the Holder in Due Course of the Promissory Note because he had taken the instrument for value, in good faith, without notice of any claims or defenses of Paul's. 

Is it proper that Paul use the defense of Failure of Consideration against Buck? Why or why not?

Answer rating: 100% (QA)

No it is not proper for Paul to use the defense of Failure of Consideration against Buck in this cas... View the full answer