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Ba 265

In: Business and Management

Submitted By fitgirl1
Words 572
Pages 3
November 11, 2013
Grantham University
BA 265 Business Law II
Week 6 Assignment
Negotiable Instruments

On the back of an envelope, Phoebe writes, “I promise to pay Quint or bearer $600 on demand. [Signed] Phoebe.” The type of instrument that is used in this scenario is a promissory note. When a promissory note is present, this is a written promise which involves two parties (Miller & Hollowell, 2011). The two parties that are present in a promissory note is the maker (payer) and the payee and the note may be made with a specific date mentioned or on demand-when the payee requests the money (Miller & Hollowell, 2011). In the scenario above, the maker is Phoebe and the payee is Quint and it the note is written to indicate that when Quint asks for the $600, Phoebe is to pay it at that time. In order for a note (or any other instrument) to be negotiable it must meet all six of the following requirements. These requirements are (Miller & Hollowell, 2011): 1. The instrument must be in writing-Phoebe wrote the promissory note on the back of an envelope. 2. It must be signed by the maker (payer) or the drawer-Phoebe signed the note 3. It must be an unconditional promise to pay-there were no conditions set by Phoebe that may hinder Quint from requesting payment (i.e.-I, Phoebe, will pay Quint the $600 if he calls me no later than noon on the day he requests payment) 4. The note must state a fixed amount of money-Phoebe’s promissory note listed $600. 5. The note must be payable on demand or at a definite amount of time-Phoebe’s note stated “payable on demand”. 6. The note must be payable to order or to bearer unless it is a check-Quint is the named bearer on the promissory note.
As the note that was written by Phoebe includes all of the above six requirements of a negotiable instrument, Phoebe’s note is negotiable. Within…...

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