Was chrysler liable on the drafts

Assignment Help Management Theories

Reference no: EM131471919

Question: Chrysler Credit Corp. contracted with Fitter Jeep-Eagle, a dealer, to finance car sales. Chrysler supplied Fitter with form drafts to use. Chrysler was the drawee on the draft. Fitter was to be the drawer, and Fitter's bank would be the payee. The contract allowed Chrysler to deny payment on drafts if Fitter was in default on the contract. Fitter deposited three drafts in First National Bank and Trust Co. of McAlester, and First gave Fitter immediate credit for them. Chrysler dishonored the drafts. First sued Chrysler. Was Chrysler liable on the drafts?

Reference no: EM131471919

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