Claw 1 Quiz 1

Front 1

Act 2031

Back 1

Negotiable Instruments Law

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Applicability of negotiable Instruments

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1. Limited application

2. Supplementary application of other laws

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Limited application

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Instruments--meet the requirements laid down in section 1 of the law

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Importance of negotiable instructions

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1. Substitute for money

2. Checks-constitute, at present, the media of exchange for most commercial transactions

3. Serve as medium of credit transaction

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2 Important Features of Negotiable Instruments

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1. Negotiability

2. Accumulatation of secondary contracts

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Negotiability

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* pass from 1 person to another

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2 kimds/types of instruments

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1. Promissory notes

2. Bills of exchange

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Promissory notes

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2 parties (issuer/payee)

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Bills of exchange

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3 parties(issuer--drawee'3rdperson/bank'--payee)

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Forms of negotiable instruments

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1. Common forms (promissory,billsofexchange&bankcheck)

2. Special types

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Special types of promissory notes

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Certificates of deposits

Bank notes

Due bills

Bonds

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Special types of bills of exchange

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1. Drafts

2. Trade acceptances

3. Banker's acceptance

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Instruments with limited negotiability

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Lttp bcwp

1. Letter of credit

2. Trust receipt

3. Treasury warrant

4. Postal money order

5. Bill of lading

6. Certificate of stock

7. Warehouse receipt

8. Pawn ticket

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Letter of credit

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Letter from a merchant/bank/banker in one place, addressed to another place or country.

Letter requesting one person to make advances to a third person on the credit of the writer.

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Trust receipt

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Document of security pursuant

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Treasury warrant

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Government warrant for the payment of money---public officer/employee

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Postal money order

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Order for the payment of money to the payee named therein

-subject to restrictions and limitations under postal laws and regulations

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Bill of lading

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Without an unconditional promise/order to pay a sum certain in money

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Certificate of stock

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Written instrument signed by a proper officer of a corporation stating that the person named therein is the owner---shares of stocks

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Warehouse receipt

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Document of title

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Pawn ticket

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Not a negotiable instrument

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Negotiable instruments requisites:

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1. In writing and signed--maker/drawer

2. Unconditional promise to pay--sum certain amount of money

3. Payable on demand/fixed/determinable future time

4. Payable to order/bearer (specific person)

5. If with drawee--named/identified with certainty (applicable to bills of exchange)

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Commercial paper

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written promises or obligations that arise out of commercial transactions

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Negotiable instruments law

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Document should be in existence

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Not covered---negotiable instruments

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Sales/transfwr of goods

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Formal requirements of negotiability

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1. Form and content

2. Matters to be considered

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Form and content

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Negotiable instrument--contractual obligation to pay money

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Matters considered

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1. Whole of instrument

2. Only what appears on the face of the instrument

3. Meet the requirements of negotiable instruments

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Prima facie evidence

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Maker/drawer's signature

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Not clear

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Indorser

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Money

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--One standard of value in actual business

--medium of exchange

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Non-negotiable instruments

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Not negotiable

Does not meet the requirements