Cengage Advantage Books: Law for Business 18th Edition by John Ashcroft ,Janet Ashcroft

تمرين 9

NorVergence Inc. resold telecommunications?services. Customers had to lease a matrix box (the box), which Norfergence said enabled it to supply low-cost services. IFC Credit Corporation bough, leases from NorVergence. When IFC was to receive payments from the firs, leases it bought, it got complaints from NorVergence customers about not getting services or savings. NorVergence and IFC amended their agreement, allowing IFC to withhold 25 percent of payment for leases pending the lessees' performance. Specialty Optical Systems agreed to switch to NorVergence if its contract with another company could be cancelled. NorVergence said that Specialty had to sign an Equipment Rental Agreement (the lease) to facilitate the application process, but NorVergence would not sign the lease, and Specialty would not be obligated unless its current contract were cancelled. Specialty signed the lease requiring sixty monthly payments of $543.67 for box rental, believing the payments included the box and telephone and Internet service. The lease said any claims or defenses that Specialty had against NorVergence could not be asserted against a purchaser of the lease and, as long as the box were delivered in outwardly good condition, Specialty had to pay rent even if it never received telephone services. Specialty accepted the box. NorVergence and IFC amended their agreement again to allow IFC to buy leases at a discounted rate and excuse it from paying more unless NorVergence were to provide acceptable service NorVergence signed the Specialty lease. IFC confirmed that Specialty had received the box and would begin making payments in sixty days, so it took assign ment of that lease. Specialty never got telephone services, nor was its prior contract cancelled. NorVergence went into bankruptcy. Specialty returned the box to IFC. When IFC demanded lease payments, Specialty sued. State law afforded IFC protection similar to that of a holder in due course if the same conditions were met. Did it meet holder in due course conditions?