Negotiable Law

respective(prenominal) Assignment-Negotiable Instrument Faison Alexander BUL2131-Applied Business Law November 10, 2012 Karen Inniss Individual Assignment-Negotiable Instrument You are interested in buying a upstart car and Bob lets you embrace one of the new cars on his lot for a week to test set about (Miller, 2011). You decide you like the car and when you cut a soak up Bob to drop off the car, he hands you the succeeding(a) memorial and a pen (Miller, 2011): I scream to give abide to the run of Bobs Auto Emporium $20,000 (Twenty thousand dollars) with interest at the rate of 7% per annum (Miller, 2011). What type of instrument is this? Does this instrument bushel the requirements for negotiability under the UCC (Miller, 2011)? The instrument for this type of transaction is a promissory none, simply meaning that it is a pen promise environ by the maker and the feedee (Miller, 2011). The promissory note can be paid at a decisive time or at pick out (Miller, 2011). In order for it to be a transferable instrument under the UCC it mustiness(prenominal) make for the sideline requirements (Miller, 2011): 1. It must be in writing 2. It must be signed by the maker or the drawer 3. It must be an unconditional promise or order to pay 4. It must take a obdurate amount of cash 5.

It must be payable on necessitate or at a definite time 6. It must be payable to order or to bearer, unless it is a check afterward conservatively reviewing the stated note it lacks two very outstanding requirements to kick downstairs it as a negotiable inst rument. Although it did meet the standards! for negotiability because it was in written form and had the necessary substance to check it written, the instrument does not meet the requirements for negotiability under the UCC because it does not state a definite time payment is due or a demand for payment. Reference Miller, R. L., (2011). Business law text edition & exercises. (6th ed.) South-Western, Cengage Learning.If you want to get a full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper