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    Quiz 1 Prelims

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    This document contains 20 true/false questions about negotiable instruments law: 1. A letter of credit, postal money order, and certificate of stock are negotiable instruments, while a bill of lading, warehouse receipt, and treasury warrant are non-negotiable. 2. A promissory note is defined as an unconditional written promise by one person to pay another a certain sum of money. 3. The key elements of a negotiable instrument are that it must be in writing, contain an unconditional promise to pay a certain sum, and be payable either on demand or at a fixed time.

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    Quiz 1 Prelims

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    RewsEn
    51 views1 page
    This document contains 20 true/false questions about negotiable instruments law: 1. A letter of credit, postal money order, and certificate of stock are negotiable instruments, while a bill of lading, warehouse receipt, and treasury warrant are non-negotiable. 2. A promissory note is defined as an unconditional written promise by one person to pay another a certain sum of money. 3. The key elements of a negotiable instrument are that it must be in writing, contain an unconditional promise to pay a certain sum, and be payable either on demand or at a fixed time.

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    QUIZ 1 PRELIMS

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    This document contains 20 true/false questions about negotiable instruments law: 1. A letter of credit, postal money order, and certificate of stock are negotiable instruments, while a bill of lading, warehouse receipt, and treasury warrant are non-negotiable. 2. A promissory note is defined as an unconditional written promise by one person to pay another a certain sum of money. 3. The key elements of a negotiable instrument are that it must be in writing, contain an unconditional promise to pay a certain sum, and be payable either on demand or at a fixed time.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    51 views1 page

    Quiz 1 Prelims

    Uploaded by

    RewsEn
    This document contains 20 true/false questions about negotiable instruments law: 1. A letter of credit, postal money order, and certificate of stock are negotiable instruments, while a bill of lading, warehouse receipt, and treasury warrant are non-negotiable. 2. A promissory note is defined as an unconditional written promise by one person to pay another a certain sum of money. 3. The key elements of a negotiable instrument are that it must be in writing, contain an unconditional promise to pay a certain sum, and be payable either on demand or at a fixed time.

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

    QUIZ 1

    NEGOTIABLE INSTRUMENTS LAW

    TRUE OR FALSE: Write TRUE if the statement is ABSOLUTELY TRUE; otherwise write
    FALSE. NO ERASURES ALLOWED.

    1. A letter of credit is a negotiable instrument.


    2. A Treasury warrant is a non-negotiable instrument.
    3. A Postal Money order is a negotiable instrument.
    4. A Bill of Lading is a non-negotiable instrument.
    5. A Certificate of Stock is a negotiable instrument.
    6. A Warehouse receipt is a non-negotiable instrument.
    7. A promissory note is an unconditional promise in writing made by one person to another
    signed by the maker, engaging to pay on demand, or at a fixed or determinable future
    time, a sum certain in money, to order or to bearer.
    8. A non-negotiable instrument is an instrument which does not comply with Section 1 of
    the Negotiable Instruments Law.
    9. When a negotiable instrument is transferred from one person to another, such that the
    transferee becomes the holder of the instrument, it is called an assignment.
    10. Indorsement is the transfer of possession, actual or constructive, from one person to
    another.
    11. Holder means the payee or indorsee of a bill or a note, who is in possession of it, or the
    bearer thereof.
    12. Issue means the first delivery of the instrument, complete in form, to a person who takes
    it as a holder.
    13. A bill of exchange is an order instrument.
    14. A promissory note is a bearer instrument.
    15. The parties in a promissory note are the maker and the drawer.
    16. The parties in a bill of exchange are the, drawer, the drawee and the payee.
    17. A negotiable instrument must always be in writing.
    18. A negotiable instrument must contain an unconditional promise or order to pay a sum
    certain in money.
    19. A negotiable instrument must be payable on demand.
    20. Where the instrument is addressed to a drawee, he must be named or otherwise indicated
    therein.

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