Under the Negotiable Instruments Article of the UCC, which of the following statements is(are) correct regarding the requirements for an instrument to be negotiable?
I.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.
a.II only.
b.I only.
c.Neither I nor II.
d.Both I and II.
Explanation
Choice "a" is correct. To be negotiable, the instrument must meet all of the following:
Be in writing
Be signed by the maker or drawer (not drawee)
Contain an unconditional promise or order
Be for a fixed amount of money
Be payable on demand or at a definite time
Be payable to order or bearer
Contain no additional undertaking/instruction not authorized by the UCC
Alternative I is incorrect because there is no requirement that the drawee sign.
小編語(yǔ)錄:努力和效果之間,永遠(yuǎn)有這樣一段距離。成功和失敗的唯一區(qū)別是,你能不能堅(jiān)持挺過(guò)這段無(wú)法估計(jì)的距離。