Asked by Unbox Chemistry on Jul 02, 2024
Did Dexter dishonor the promissory note?
A) Yes.
B) No, although Garren met the requirements for presentment and Dexter refused to pay, he did not explicitly dishonor the note.
C) No, Garren only told Dexter about the promissory note and never exhibited the promissory note to Dexter, therefore there was no presentment and Dexter did not dishonor the note.
D) No, Garren did not present the note in a timely manner, therefore Dexter did not dishonor the note.
E) No, Garren was not a proper party, therefore Dexter did not dishonor the note.
Promissory Note
A financial instrument involving a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.
Presentment
The act of formally presenting a document, such as a check or draft, for acceptance or payment.
Dishonored
Refers to a financial instrument (check, promissory note) that is not accepted or paid upon presentation.
- Absorb the essentials of presenting negotiable instruments properly and fulfilling notice requirements.
Learning Objectives
- Absorb the essentials of presenting negotiable instruments properly and fulfilling notice requirements.