Doncouse_Jeremy_Week5 - Jeremy Doncouse LGLS298 Week 5...

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Jeremy Doncouse LGLS298 Week 5 Assignment Question 14.3 Page 338 Question 15.2 Page 365 Question 14.3 Page 338: Dr. William H. Bailey executed a not payable to California Dreamstreet who subsequently negotiated the note to Cooperatieve Centrale Raiffeisen-Borerenleenbank B.A., a foreign bank. A default occurred was the note executed by Bailey a negotiable instrument? No. There are some items missing that would make this a negotiable instrument. In order for an instrument to be negotiable it must 1) be in writing, 2) be signed by the maker or drawer, 3) be an unconditional promise or order to pay, 4) state a fixed amount of money, 5) not require any undertaking in addition to the payment of money, 6) be payable on demand or at a definite time, and 7) be payable to order or to bearer. Bailey’s promissory note read: “Dr. William H. Bailey herby promises to pay to the order of California Dreamstreet the sum of $329,800.” The first requirement to be in writing has obviously been met. The second requirement to
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