The explanations must include the correct rule of law with acomplete analysis of why that particular result.
Assuming all other elements of negotiability are satisfied, arethe following negotiable? Each question has one element of the ruleof law for negotiability at issue. Therefore, you must understandthe entire rule of law for negotiability, then you must find theportion of the rule of law that might be a problem, state thatstate that portion, and then do a complete analysis of that part ofthe rule of law to decide whether or not the document isnegotiable. NOTE: For each question you may assume all other partsof the rule of law for negotiability have been met. The answer tosome is that it is not negotiable, others it will be negotiable.You must do the analysis to reach the correct conclusion.
1. An undated Note: âPay to the order of Andy Smartâ.
2. A Note: âI, Andy, promise to pay to the order of Larry $20,000.00within six months following the death of my Aunt Millie, or 100years from today.â
3. A check, otherwise complete, that is made out âPay to the order of_________.....â with no name filled on the line where the payeeâsname usually goes.
4. A Note: âI promise to pay to bearer....â
5. Assuming the other elements of negotiability are satisfied is thefollowing promissory note governed by Article 3: Why or whynot?
âRights and obligations of the maker and any holder of the noteare subject to the terms and conditions set forth in the CreditAgreement of March 15, 2015.â (Note: The credit agreement does notcontain any rights or obligations that condition the makers promiseto pay.)
6. Decide whether the following is a negotiable instrument? You muststate the entire rule of law, and then do an analysis of each partto reach a conclusion.
âI promise to pay to the order of Professor Reinsch that which Iowe him by delivering to his place of business an emerald of atleast one carat, one month from the date herein.â
/s/ Sam Student
