Asked by Mindy Bounheuangvilay on Apr 26, 2024
Verified
If an instrument is negotiable,the general rules of contract law control.
Negotiable
A term describing instruments or documents, such as checks or bills of lading, that are transferable from one person to another in good faith for value.
Contract Law
The area of law that governs the making, enforcement, and interpretation of agreements between parties.
- Comprehend the rules and consequences of the Uniform Commercial Code as it relates to commercial paper and negotiable instruments.
Verified Answer
SS
sasheka sewellMay 01, 2024
Final Answer :
False
Explanation :
If an instrument is negotiable,the law of negotiable instruments in the Code controls in determining the rights and liabilities of the parties to the instrument.If an instrument is nonnegotiable,the general rules of contract law control.
Learning Objectives
- Comprehend the rules and consequences of the Uniform Commercial Code as it relates to commercial paper and negotiable instruments.
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