Article 3, Negotiable instruments: This section covers drafts (including checks) and notes representing a promise to pay a sum of money. An instrument is considered negotiable if it can be transferred to another person while the person who originally promised to pay is still held responsible. Art...
The transfer of a negotiable instrument. Arbitration A process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute. Negotiation The process of achieving agreement through discussion. The specifics of the contract are still under negotiation. The two parties...
That silk dress is a bargain at that price. Negotiation The act or process of negotiating Successful negotiation of a contract. Entered into labor negotiations. Bargain To negotiate the terms of an agreement, as to sell or exchange. Negotiation The transfer of a negotiable instrument. Bargain To...
Typically not a negotiable instrument that can be transferred or tradedNotes registered with the U.S. Securities and Exchange Commission can be traded on a secondary market What It Means for You When using an IOU to loan a large amount of money to afamilymember or friend, it’s often usefu...
8.Will a Chinese court enforce a Mexico judgment dealing with a loan agreement on a promissory note if the note contradicts the relevant provisions in Negotiable Instrument Law of China? Suppose there is no treaty in this aspect but reciprocity between China and Mexico. 9. Compared with ...
A wet signature is a physical signature made by hand using a pen or any other writing instrument on a tangible document. It is called a “wet” signature because the ink from the pen is still wet when one signs on the paper. Wet signatures have been used over the years to signify an...
In the banking industry, a draft refers to a negotiable instrument that serves as a form of payment. It is commonly used for domestic and international transactions, allowing individuals and businesses to transfer funds securely and efficiently. A draft functions as an order from the payer, also...
A document containing a payment order or undertaking is a negotiable instrument, given that: It is capable of being transferred from one holder to another by delivery (or endorsement and delivery) so that the holder of the instrument may sue on it in his name. If the instrument is payable ...
Due to this uncertainty, an IOU is generally not considered anegotiable instrument, meaning it can't be assigned, transferred, or sold to someone else, or traded on an open market. However, there are downloadable legal templates available now for IOUs, providing an outline of the kind of de...
Non-negotiable means not open for debate or modification. It can refer to the price of a good orsecuritythat is firmly established and cannot be adjusted or a part of a contract or deal that is considered a requirement by one or both involved parties. The term non-negotiable can also rela...