Negotiable Instruments

You are interested in buying a spick-and-span car and Bob lets you borrow one of the new cars on his lot for a week to test drive. You decide you the likes of the car and when you visit Bob to drop off the car, he give you the following document and a pen: may 1, 201x I annunciate to pay to the order of Bobs Auto department storage $20,000 (Twenty thousand dollars) with interest at the rate of 7% per annum. What range of a function of instrument is this? Does this instrument meet the requirements for negotiability under the UCC? A couch agreement between two parties is a promissory stigmatize. In order for an instrument to be negotiable, it has to meet the following requirements: 1.It mustiness 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 state a intractable amount of money. 5.It must be collectable on touch or at a definite time. 6.It must be collectable to order or to bearer, unless it is a check.

(Miller & Hollowell, 2011) An analysis of the demarcation shows that it meets most of the requirements. The note is obviously in written do and has been prepared for a signature by the maker. There is a promise to pay the fixed amount of $20,000 and is made payable to Bobs Auto Emporium. However, the promissory note, as it is enunciate above, does not meet the UCC requirements because it does not include a assertion as to whether it is payable on demand or at a definite time.If you want to get a luxuriant essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, v! isit our page: cheap essay