Asked by Ashley Mayer on Apr 25, 2024
Verified
Martha wrote a check to Jump, Inc. for $350. She is discharged from liability on the check if Jump does not present the check for payment within 30 days after the date the check was signed.
Discharged From Liability
A situation or legal process wherein an individual or entity is released from a responsibility, duty, or debt, absolving them from further obligations.
Present For Payment
The act of making a financial instrument, like a check or promissory note, available to the person obligated to pay on or by its due date.
- Recognize the conditions under which a party is discharged from liability on a negotiable instrument.
Verified Answer
GE
Georgio El-khassApr 29, 2024
Final Answer :
False
Explanation :
Martha is not discharged from liability on the check if Jump, Inc. does not present the check for payment within 30 days. Generally, a check is valid for at least 6 months after the date it was written, and the drawer's liability does not depend on the check being presented within a specific short timeframe like 30 days.
Learning Objectives
- Recognize the conditions under which a party is discharged from liability on a negotiable instrument.