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I. McNealy purchased a refrigerator for his home from Petes Appliance Store for $700. McNealy...

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Finance

I. McNealy purchased a refrigerator for his home from Petes Appliance Store for $700. McNealy paid $200 in cash and signed the following installment contract for the remaining $500, which in its entirety stated:

January 15, 2013

I promise to pay to the order of Petes Appliance Store the sum of $500 in ten equal monthly installments, commencing February 15, 2013, and each 15th day of the month thereafter until fully paid.

(signed) James McNealy

Pete negotiated the document to Household Finance Company, which took the instrument for value, in good faith, and without notice of any claim or defense of any party. After McNealy had paid two installments, the refrigerator ceased operating. McNealy wishes to recover his down payment, his first two monthly payments, and to discontinue further payments. Household Finance refuses his request and wants payments to continue. Discuss.

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