Suppose that Foundation was an entity based outside the United States. Could it have successfully claimed, in

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Suppose that Foundation was an entity based outside the United States. Could it have successfully claimed, in attempting to enforce the acceleration clause, that it had not given CTP notice because it had not been aware of Kansas law? Discuss.

In April 2004, CTP, LLC, bought a truck stop in South Hutchinson, Kansas. As part of the deal, CTP borrowed $96,000 from Foundation Property Investments, LLC. The loan was evidenced by promissory note, which provided that CTP was to make monthly payments of $673.54 between June 1, 2004, and June 1, 2009. The note stated that on default in any payment, “the whole amount then unpaid shall become immediately due and payable at the option of the holder without notice.” CTP paid the first four installments on or before the due dates, but beginning in October 2004, CTP paid the next ten installments late

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Business Law Today The Essentials

ISBN: 978-0324786156

9th Edition

Authors: Roger LeRoy Miller, Gaylord A. Jentz

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