Asked by anosha valavan on May 12, 2024
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The law recognizes an oral negotiable instrument if the facts demonstrate the intent of the maker or drawer to create a negotiable instrument through words alone.
Negotiable Instrument
A paper confirming the promise to pay a certain sum of money, either immediately upon request or at a predetermined date, with the identity of the person making the payment specified on it.
Oral Negotiable
A verbal agreement that is intended to be binding but may lack the formal requirements of a written contract, particularly in the context of negotiable instruments.
Maker Or Drawer
The individual or entity that creates or signs a promissory note, check, or draft, promising to pay a certain sum.
- Learn the necessary stipulations for an instrument to achieve negotiable status under the Uniform Commercial Code.
- Comprehend the significance of a signature on a negotiable instrument.
Verified Answer
Learning Objectives
- Learn the necessary stipulations for an instrument to achieve negotiable status under the Uniform Commercial Code.
- Comprehend the significance of a signature on a negotiable instrument.
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