Under the Negotiable Instruments Article of the UCC, which of the following statements is true regarding...
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Under the Negotiable Instruments Article of the UCC, which of the following statements is true regarding the requirements for an instrument to be negotiable? 1. The instrument must be in writing, be signed by both the drawer and the drawee, and contain an unconditional promise or order to pay. II. The instrument must state a fixed amount of money, be payable on demand or at a definite time, and be payable to order or to bearer. D. Neither I nor II. B. Il only. C. Both I and II. A. I only. Anna agreed in writing to sell Bella 1,000 bales of Zots at $3 per pound FOB Anna's dock on January 31. After the price of Zots fell to $2 per pound prior to delivery, Bella notified Anna that she would not accept delivery. Anna sued for damages, offering evidence that according to local usage a bale weighed 10 pounds. L C. Bella should win because the contract is too indefinite. D. Anna should win because Bella signed a writing evidencing her intention to contract. A. Anna should win because she has a reasonably certain basis for a remedy. B. Bella should win because evidence of trade usage is inadmissible. Under the Negotiable Instruments Article of the UCC, which of the following statements is true regarding the requirements for an instrument to be negotiable? 1. The instrument must be in writing, be signed by both the drawer and the drawee, and contain an unconditional promise or order to pay. II. The instrument must state a fixed amount of money, be payable on demand or at a definite time, and be payable to order or to bearer. D. Neither I nor II. B. Il only. C. Both I and II. A. I only. Anna agreed in writing to sell Bella 1,000 bales of Zots at $3 per pound FOB Anna's dock on January 31. After the price of Zots fell to $2 per pound prior to delivery, Bella notified Anna that she would not accept delivery. Anna sued for damages, offering evidence that according to local usage a bale weighed 10 pounds. L C. Bella should win because the contract is too indefinite. D. Anna should win because Bella signed a writing evidencing her intention to contract. A. Anna should win because she has a reasonably certain basis for a remedy. B. Bella should win because evidence of trade usage is inadmissible.
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A I only EXPLANATION I is necessary but II is not An instrument is negotiable if it s... View the full answer
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Business Law Text and Cases
ISBN: 978-0324655223
11th Edition
Authors: Kenneth W. Clarkson, Roger LeRoy Miller, Gaylord A. Jentz, F
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