Professional Documents
Culture Documents
Turner
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the body of rules applied to commercial transactions; derived from the practices of traders rather than from jurisprudence
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A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, without conditions in addition to payment imposed on the payer.
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What does the ho (HDC) doctrine is a rule in commercial law that protects a purchaser of debt, where the purchaser is assigned the right to receive the debt payments. The doctrine insulates the purchaser of debt or other obligation to pay, against charges that either party to the original transaction might have had against the other.lder in due course mean?
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What is a bill of exchange? a written order to a person requiring the person to make a specified payment to the signatory or to a named payee; a promissory note.
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What is a promissory note? And what is it used for? A promissory note is used to record the financial details of a loan. Also known as 'notes payable', promissory notes are used for personal loans, business loans and real estate transactions.
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Under the Uniform Commercial Code what does Article 3 and Article 4 cover?
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What is an endorsement? an act of giving one's public approval or support to someone or something.
11. What is a contract? a written or spoken agreement, esp. one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
12. What are the elements of a contract? Offer Acceptance intention of legal consequences 13. What is an offer? present or proffer (something) for (someone) to accept or reject as so desired. 14. What is an Acceptance? the action of consenting to receive or undertake something offered 15. What is mutual consideration? Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances
18. What happens if the conditions of a contract are violated? When management and labor sit down to negotiate a contract, they attempt to anticipate the various problems and operational concerns that are likely to arise during the term of the agreement.
19. What is an oral contract? an agreement that is not in writing and is not signed by the parties but is a real existing contract that lacks only the formal requirement of a memorandum to render it enforceable in litigation
An agreement formed by an exchange of a promise in which the promise of one party is consideration supporting the promise of the other party.