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Unformatted text preview: Business Law and the Regulation of Business Regulation Chapter 24: Form and Content Chapter By Richard A. Mann & Barry S. Roberts Topics Covered in this Chapter Topics A. Negotiability B. Types of Negotiable Instruments C. Formal Requirements of C. Negotiable Instruments Negotiable Negotiability Rule – invests instruments with a high degree of marketability and commercial utility by conferring upon certain good faith transferees immunity from most defenses to the instrument. defenses s Formal Requirements – negotiability is wholly a matter of form, and all the requirements for negotiability must be met within the four corners of the instrument. instrument. s Types of Negotiable Instruments Types s Orders to Pay – Drafts – involves three parties: a drawer orders a drawee to pay a fixed amount of money to a payee. payee. – Checks – a specialized form of draft that is drawn on a bank and payable on demand; the drawer orders the drawee (bank) to pay the payee on demand (upon the reques...
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