Hanley Supply Co. sold Roberts Retail Inc. a quantity of goods for $10,000 on 30 days’ credit. As…

Hanley Supply Co. sold Roberts Retail Inc. a quantity of
goods for $10,000 on 30 days’ credit. As agreed by the parties, Hanley Supply
Co. drew a bill of exchange on Roberts Retail Inc., naming itself as payee. The
bill was payable in 30 days’ time. Roberts Retail Inc. accepted the bill and
returned it to Hanley Supply Co. Hanley Supply Co. then endorsed the bill to
Smith Manufacturing to cover its indebtedness for goods purchased from the
company. Smith Manufacturing, a small firm, endorsed the bill in blank to
Brown, the company’s office manager as a retirement gift, rather than wait
»

Hanley Supply Co. sold Roberts Retail Inc. a quantity of
goods for $10,000 on 30 days’ credit. As agreed by the parties, Hanley Supply
Co. drew a bill of exchange on Roberts Retail Inc., naming itself as payee. The
bill was payable in 30 days’ time. Roberts Retail Inc. accepted the bill and
returned it to Hanley Supply Co. Hanley Supply Co. then endorsed the bill to
Smith Manufacturing to cover its indebtedness for goods purchased from the
company. Smith Manufacturing, a small firm, endorsed the bill in blank to
Brown, the company’s office manager as a retirement gift, rather than wait
until the bill became due to obtain the funds. Brown, on receipt of the bill,
delivered it without endorsing it to her friend, Jones, whom she owed a sum of
money. Jones, in turn, endorsed the bill and sold it to Doe for $9,000. On the
due date, Doe presented the bill for payment, and it was dishonoured. Advise
Doe of his rights. Explain the liability (if any) of each of the parties.

»

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