Question: True/False When trying to determine if the words used in an instrument condition that instrument, mere reference to another agreement is okay but incorporating another
True/False
- When trying to determine if the words used in an instrument condition that instrument, mere reference to another agreement is okay but incorporating another agreement is not.
- Payment of an instrument from a particular source or fund (which could be depleted when the instrument is presented for payment) generally does not condition an instrument.
- A note that contains a promise to pay 14 gallons of paint and to perform 40 hours of free labor in exchange for goods received is negotiable.
- Provided that it meets all other requirements, a promissory note issued by a maker in the United States is non-negotiable if payable in German marks.
- If an instrument does not provide for a time at which it is payable, it is deemed to be a demand instrument.
- The fact that an instrument is undated does not affect its negotiability.
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