Joe Agreed to Paint Sam's House for $4000

question 177

Essay

Joe agreed to paint Sam's house for $4000. Joe then assigned the $4000 claim to Harry, who served notice on Sam about the assignment. When it came time for payment, Harry was informed by Sam that he would not pay because the paint was peeling off his house. Harry said that that was nothing to do with him and demanded payment. Explain the legal position of the parties.

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Definitions:

Government Securities

Financial instruments issued by a government to finance its public projects, which include bonds, treasury bills, and notes.

Money Supply

Money Supply refers to the total amount of monetary assets available in an economy at a specific time, including cash, coins, and balances held in checking and savings accounts.

Federal Reserve Board

The governing body of the Federal Reserve System, responsible for overseeing the United States' central banking system and setting monetary policy.