Asked by Garrett Jones on May 13, 2024
Verified
Which of the following instruments is nonnegotiable?
A) "I promise to pay to the order of Carol Reed $40,Jerry Jacobs."
B) A statement in the instrument that it was given in payment of the previous month's rent.
C) A statement in the instrument that it was given in payment of the purchase price of goods.
D) "I promise to pay to the order of Meg Raven,at my option,$100 or five baskets of oranges,Dan Gilbert."
Nonnegotiable
indicates an item that cannot be transferred or assigned to another party through endorsement or delivery.
Purchase Price
The amount of money paid or to be paid by the buyer to acquire ownership of a good, service, or property.
- Acquire knowledge on how certain phrases and conditions influence the negotiability of an instrument.
Verified Answer
ZK
Zybrea KnightMay 15, 2024
Final Answer :
D
Explanation :
If the person obligated to pay off an instrument can do something other than pay money,the instrument is not negotiable.
Learning Objectives
- Acquire knowledge on how certain phrases and conditions influence the negotiability of an instrument.
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