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  • 2d Chu Nil Exercise 1

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    HERCEA GABRIELLE CHU
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    The document analyzes whether an instrument is negotiable or not based on its form. It determines that a promissory note payable to "X or order" for $5,000 five days after the payee's dog dies is negotiable. To be negotiable, an instrument must be in writing and signed, contain an unconditional promise to pay a fixed sum of money, be payable on demand or at a definite future time, and be payable to order or bearer. This instrument meets all the requirements.

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    The document analyzes whether an instrument is negotiable or not based on its form. It determines that a promissory note payable to "X or order" for $5,000 five days after the payee's dog dies is negotiable. To be negotiable, an instrument must be in writing and signed, contain an unconditional promise to pay a fixed sum of money, be payable on demand or at a definite future time, and be payable to order or bearer. This instrument meets all the requirements.

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    © All Rights Reserved
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    10 views1 page

    2d Chu Nil Exercise 1

    Uploaded by

    HERCEA GABRIELLE CHU
    The document analyzes whether an instrument is negotiable or not based on its form. It determines that a promissory note payable to "X or order" for $5,000 five days after the payee's dog dies is negotiable. To be negotiable, an instrument must be in writing and signed, contain an unconditional promise to pay a fixed sum of money, be payable on demand or at a definite future time, and be payable to order or bearer. This instrument meets all the requirements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Determine if the following instruments are negotiable or not.

    Identify what affects the


    negotiability of the instrument, if any.

    July 15, 2009

    To: A or B

    Pay to X or order the sum of P5,000.00 five days after his pet dog, Sparky, dies. 

    Signed (Y)

    Answer:
    The instrument is negotiable.

    The negotiability of an instrument is affected by the its form. For an instrument to be negotiable, first, it
    must be in writing and signed by the maker or drawer. Second, it must contain an unconditional promise
    or order to pay a sum certain in money. Third, it must be payable on demand, or at a fixed or
    determinable future time. Fourth, it must be payable to order or to bearer. Lastly, which applies only to
    a bill of exchange, where the instrument is addressed to a drawee, he must be named or otherwise
    indicated therein with reasonable certainty.

    Here, all the requisites for a negotiable instrument has been complied with.

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