Asked by Frank Milosevics on May 28, 2024
Verified
A transaction involving a promissory note is an illegal transaction in Russia.
Promissory Note
A financial instrument containing a written promise by one party to pay another party a definite sum of money at a specified future date or on demand.
Illegal Transaction
A deal or exchange that violates state or federal laws and is therefore void and unenforceable.
Russia
A country extending over much of northern Eurasia, with a complex history, rich culture, and significant influence in global affairs.
- Understand the legal repercussions resulting from fraud and illegal activities concerning the enforceability of negotiable instruments.
Verified Answer
AS
amtoj singhJun 01, 2024
Final Answer :
False
Explanation :
In Russia, transactions involving promissory notes are legal and are governed by the Civil Code of the Russian Federation, which provides a legal framework for the issuance, circulation, and fulfillment of obligations under promissory notes.
Learning Objectives
- Understand the legal repercussions resulting from fraud and illegal activities concerning the enforceability of negotiable instruments.