Simon bought a used yacht from Marvel's Marina and Boatyard for $70,000 to be paid in installments over six years. He traded in his smaller yacht for $10,000 at the same time, but Marvel wanted to keep the two transactions separate for financial reasons and he promised to issue a cheque to Simon for the trade-in. Marvel assigned the $70,000 contract to Strait and Naro Finance (S and N). The first Simon knew of this was when he received copies of both contracts and a notice to pay the payments to S and N. Assume there was a valid assignment. Simon still has not received the $10,000 and, when he calls Marvel, he finds the Marina has been sold to someone else and Marvel's whereabouts is unknown. He has a copy of the trade-in contract.

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The Answer of Simon bought a used yacht from Marvel's Marina and Boatyard for $70,000 to be paid in installments over six years. He traded in his smaller yacht for $10,000 at the same time, but Marvel wanted to keep the two transactions separate for financial reasons and he promised to issue a cheque to Simon for the trade-in. Marvel assigned the $70,000 contract to Strait and Naro Finance (S and N). The first Simon knew of this was when he received copies of both contracts and a notice to pay the payments to S and N. Assume there was a valid assignment. Simon still has not received the $10,000 and, when he calls Marvel, he finds the Marina has been sold to someone else and Marvel's whereabouts is unknown. He has a copy of the trade-in contract.

Simon Bought a Used Yacht from Marvel's Marina and Boatyard