Casino V Nehme Essay

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A negotiable instrument is a written contract in which the drafter unconditionally promises or orders to pay a payee. It is a substitute for money, an extension of credit, or used for record keeping. They can be in the form of checks, promissory notes, certificates of deposit, or drafts. There are six requirements in which officially make a document a negotiable instrument. The writing must be permanent and portable. Oral or implied instruments are nonnegotiable. The maker or drawer must have their signature appear on the face of the instrument. Makers may also use marks representing themselves as valid signatures. Also, they may have a representative sign a signature representing them. This is also valid in place of actual signature. Instruments must be an unconditional promise or order to pay. If payment is conditional on performance of another agreement, the instrument is nonnegotiable. The amount of money required to discharge an instrument must be on the face of the instrument. Payment of interest and cost of collection must be included. That amount must also be payable by U.S. or foreign country’s legal currency. If payment is made in goods, services, or nonmonetary items, the instrument is nonnegotiable. The promise or order to pay cannot state any other undertaking to do an act in addition to the payment of money. Such things may include protection of collateral, dispose of collateral, waiving any law intended to protect the obligee, or any other similar incidences. The instrument must be payable on sight, on presentation, or when no time for payment is stated. It must also be payable at a definite date, or before a stated date, a fixed period after a stated date, or at a fixed period after sight. An instrument payable only on the occurrence of an uncertain event or act is nonnegotiable. These requirements must all be met in order for the instrument to

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