BSL 401- Final Exam Guide - Comprehensive Notes for the exam ( 28 pages long!)

• School: University of Miami
• Department: Business Law
• Course: BSL 401
• Professor: Guzzi Vanessa

Document Summary

A signed writing that contains an unconditional promise or order to pay a fixed amount of money either on demand or at a definite time. Defense any valid reason not to pay. In an assignment, the assignee assumes all the risks and liabilities of the assignor. 4 instruments: drafts, 3 parties, party a- drawer orders, party b- drawee to pay, party c- the payee. Trade acceptance: a draft among merchants who sell goods. In a trade acceptance, the drawer and payee can be the same party. Technical test: on the face of the promissory note, on the 4 corners, drafters of article 3: instruments to be couriers without luggage. If an instrument meets all 9 requirements, we have a negotiable instrument under. If it fails any of the 9, we have a contract to be interpreted under the regular contract law. Requirement 1: in writing: drafter wa(cid:374)ted a(cid:374) (cid:862)i(cid:374)te(cid:374)tio(cid:374)al redu(cid:272)tio(cid:374) to a tangible form(cid:863) (cid:894)per(cid:373)a(cid:374)e(cid:374)t a(cid:374)d porta(cid:271)le(cid:895)