Business Law- Case Study

NEGOTIABILITYParties : regent(postnominal) Corp , USA (import company in natural York ) and Azmat Bangladesh Ltd (Textile Company in BangladeshContract : Purchase of bed sheets and pillowcases for resale in get together StatesCondition : Required goods should have been manufactured in BangladeshDispute : Goods manufactured part in Pakistan and hire stop to AzmatRegent Corp , USA Vs Azmat Bangladesh LtdAn of the essence(p) condition is that the ed goods should have been manufactured in Bangladesh , whereas the Azmat Bangladesh Ltd failed to make out the condition . Hence the payment can be stopped and it is valid though the drafts accompanied bills of ladingThe Regent Corporation procured fivesome letters of credit from BNY and Citi margin for the supposed to make payment . through International Finance Investment and Commerce Bank Limited (IFIC .

As the goods supplied by Azmat Bangladesh Ltd shows the export visa boss 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 payable on demand or at a definite time2 ) That no issue of fact existed of fraud in the...If you want to get a full essay, order it on our website: Orderessay

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