Ebook Business law (14th edition): Part 2
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Ebook Business law (14th edition): Part 2
Part Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2ronic TransfersCommercial Paper805chapter 31NEGOTIABLE INSTRUMENTSChances are that you are using a variety of negotiable instalments in your everyday life, perhaps without realizing the special qualities that have led to their Widespread use in commerce and the rules that govern them. If you have a Ebook Business law (14th edition): Part 2job. your employer probably pays you by check, and you likely have a checking account tliat you use to make purchases and pay your bills. If you haveEbook Business law (14th edition): Part 2
accumulated some savings, you may have invested them in a certificate of deposit at a bank. And. if you have borrowed money, you very likely were askePart Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2ments, including:• The special qualities and benefits of negotiable instruments.• The basic types of commercial paper and their defining characteristics.• The formal requirements that must be met for instalments such as checks, notes, and certificates of deposit to qualify as negotiable instruments. Ebook Business law (14th edition): Part 2• What happens if you write or receive a check in which there is a conflict between the amount set forth in figures and the amount set out in words.•Ebook Business law (14th edition): Part 2
Whether it was ethical for the purchaser of two engines to deliberately place two different amounts on a check (one figure using a check-writing machiPart Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2usive reliance on barter to the use of money and then to the use of substitutes for money. The term commercial paper encompasses substitutes in common usage today such as checks, promissory notes, and certificates of deposit.History discloses that every' civilization that engaged to an appreciable e Ebook Business law (14th edition): Part 2xtent in commerce used some form of commercial paper. Probably the oldest commercial paper used in the carrying on of trade is the promissory note. ArEbook Business law (14th edition): Part 2
chaeologists found a promissory note made payable to bearer that dated from about 2100 B.c. The merchants of Europe used commercial paper—which, underPart Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2Tills chapter and the three following chapters outline and discuss the body of law that governs commercial paper. Of particular interest are those kinds of commercial paper having the attribute of negotiability—that is.they can generally be transferred from party to party and accepted as a substitut Ebook Business law (14th edition): Part 2e for money. This chapter discusses the nature and benefits of negotiable instruments and then outlines the requirements an instrument must meet to quEbook Business law (14th edition): Part 2
alify' as a negotiable instrument. Subsequent chapters discuss transfer and negotiation of instruments, the rights and liabilities of parties to negotPart Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2ant a check drawn on his checking account, that person uses a form of negotiable commercial paper. Similarly, a person who goes to a bank or a credit union to borrow money' might sign a promissory' note agreeing to pax' the money back in 90 days. Again, the bank and borrower use a form of negotiable Ebook Business law (14th edition): Part 2 commercial paper.www.downloadslide.comChapter Thirty-OneCommercial paper is basically a contract for the payment of money. It may sene as a substitutEbook Business law (14th edition): Part 2
e for money payable immediately, such as a check. Or. it can be used as a means of extending credit. When a television set IS bought by giving the merPart Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2ter, the promissory note signed by the borrower is a means of extending credit.Uniform Commercial Code The law of commercial paper is covered in Article 3 (Negotiable Instruments) and Article 4 (Bank Deposits and Collections) of the Uniform Commercial Code. Other negotiable documents, such as invest Ebook Business law (14th edition): Part 2ment securities and documents of title, are treated in other articles of the Code. The original Code Articles 3 and 4. adopted initially in the 1960s.Ebook Business law (14th edition): Part 2
generally followed the basic, centuries-old rules governing the use of commercial paper; but at the same time they adopted modern terminology- and coPart Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2y tliat banks process checks. Accordingly, m 1990 a Revised Article 3, along with related amendments to Articles 1 and 4. were developed and have now been adopted by all states except New York However, die reader should keep in mind that instruments may be interpreted under the version of the Code t Ebook Business law (14th edition): Part 2hat was in effect when the instalments were issued.Negotiable Instruments The two basic types of negotiable instalments are promises to pay money andEbook Business law (14th edition): Part 2
orders to pay money. Promissory notes and certificates of deposit issued by banks are promises to pay someone money. Checks and drafts are orders to aPart Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2ay money from a person’s account to a thữd person.Negotiability Negotiable instalments are a special kind of commercial paper that can pass readily through our financial system and IS accepted in place of money. Tins gives negotiable instruments many advantages.For example. Searle, the owner of a cl Ebook Business law (14th edition): Part 2othing store in New York, contracts with Amado, a swimsuit manufacturer in Los Angeles, for $10.000 worth of swimsuits. If negotiable instalments didEbook Business law (14th edition): Part 2
not exist, Searle would have to send or carry $10,000 across the country, which would be both inconvenient and risky. If someone stole the money alongPart Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2pay $10.000 from his account to Amado, or to someone designated by Amado. Searle makes the payment in a far more convenient manner. He sends only a single piece of paper to Amado. If the check is properly prepared and sent, sending the check IS less risky than sending money. Even if someone steals t Ebook Business law (14th edition): Part 2he check along the way. Searle’s bank may not pay it to anyone but Amado or someone authorized by .Amado. And. because the check gives Amado the rightEbook Business law (14th edition): Part 2
either to collect the $10,000 or to transfer the right to collect it to someone else, the check is a practical substitute for cash to Amado as w ell Part Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and Electr Ebook Business law (14th edition): Part 2alify as a negotiable instalment. We also explain the features that not only distinguish a negotiable instalment from a simple contract but also led to the widespread use of negotiable instalments as a substitute for money.Kinds of Negotiable InstrumentsPromissory Notes The promissory note is the si Ebook Business law (14th edition): Part 2mplest form of commercial paper; It IS simply a promise to pay money. A promissory note is a two-party instalment in which one person (known as the maEbook Business law (14th edition): Part 2
ker) makes an unconditional promise in writing to pay another person (the payee), a person specified by that person. or the bearer of the instalment, Part Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and ElectrPart Sevenchapter Negotiable Instrumentschapter 32 Negotiation and Holder in Due Coursechapter 33 Liability of PartiesI •. chjp,er 34Checks and ElectrGọi ngay
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