Asked by Domenica Andrade on May 30, 2024
Verified
Which of the following would not be negotiable?
A) A written, signed promise to pay $50,000 to the order of Crouch, and the maker of the note orally stated to Crouch that the money would only be paid if all contractual specifications were met.
B) A written, signed promise to pay $500 and a rick of firewood on or before September 10.
C) A written, signed promise which includes a statement that, "This note is given in partial payment for a piano to be delivered in one week from date in accordance with a contract of this date between the maker and the payee."
D) A check for $475, made payable to Bob Owens, with tomorrow's date on it.
Negotiable
Referring to a legal document or instrument that is transferable from one party to another in good faith and for value, with the holder then having the right to execute it.
Contractual Specifications
Detailed requirements outlined in a contract regarding the quality, dimensions, and other characteristics of the work to be done or goods to be supplied.
Rick of Firewood
A specific measure of stacked firewood, often used to quantify firewood in cord-like units.
- Examine the effect of conditions, allusions to other agreements, and indeterminate payment times on the transferability of instruments.
Verified Answer
SG
SYDNEY GARDNERJun 05, 2024
Final Answer :
B
Explanation :
Negotiable instruments must be for a fixed amount of money. Choice B includes payment in the form of a rick of firewood, which is not a fixed monetary amount, making it non-negotiable.
Learning Objectives
- Examine the effect of conditions, allusions to other agreements, and indeterminate payment times on the transferability of instruments.