Law at University of Northern Philippines

Flashcards and summaries for Law at the University of Northern Philippines

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Study with flashcards and summaries for the course Law at the University of Northern Philippines

Exemplary flashcards for Law at the University of Northern Philippines on StudySmarter:

Who holds the instrument.

Exemplary flashcards for Law at the University of Northern Philippines on StudySmarter:

To extend the maturity date.

Exemplary flashcards for Law at the University of Northern Philippines on StudySmarter:

It is an evidence of indebtedness issued by a public or private corporation promising to pay a sum of money on a day certain in the future, Its negotiability is controlled by the same rules governing promissory note and is issued for debts of substantially larger amounts.

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Exemplary flashcards for Law at the University of Northern Philippines on StudySmarter:

A check that cannot be presented to the bank for cash payment but to be deposited in the account of the payee in the bank.

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Is a draft or bill of exchange drawn by the seller on the purchaser of goods and accepted by the latter by signing is as drawee.

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The most important feature of negotiable instrument as they are transferred from one person to another.

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An unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand on at a fixed or determinable future time a sum certain in money to order or to bearer.

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Negotiable papers, particularly checks, constitute, at present, the media of exchange for most commercial transactions.

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This is that quality or attribute of a bill or note whereby it may pass from hand to hand similar to money, so as to give the holder in due course the right to hold the instrument and collect the sum payable for himself free from any infirmity in the instrument or defect in the title of any of the prior parties, or defenses available to them among themselves.

Exemplary flashcards for Law at the University of Northern Philippines on StudySmarter:

A form of check that is not drawn on any particular bank but it is payable anywhere throughout the world.

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Functions of Negotiable Instrument

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A check which has been certified by the bank official with respect to the sufficiency of funds covering the amount indicated in the face of the instrument. The word ''certified'' is stamped on the face of the check with the signature of the bank official making the certification.

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Exemplary flashcards for Law at the University of Northern Philippines on StudySmarter:

Law

Who holds the instrument.

Bearer

Law

To extend the maturity date.

Extension Clause

Law

It is an evidence of indebtedness issued by a public or private corporation promising to pay a sum of money on a day certain in the future, Its negotiability is controlled by the same rules governing promissory note and is issued for debts of substantially larger amounts.

Bond

Law

A check that cannot be presented to the bank for cash payment but to be deposited in the account of the payee in the bank.

Crossed Check

Law

Is a draft or bill of exchange drawn by the seller on the purchaser of goods and accepted by the latter by signing is as drawee.

Trade Acceptance

Law

The most important feature of negotiable instrument as they are transferred from one person to another.

Accumulation of secondary contracts

Law

An unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand on at a fixed or determinable future time a sum certain in money to order or to bearer.

Negotiable Bill of Exchange

Law

Negotiable papers, particularly checks, constitute, at present, the media of exchange for most commercial transactions.

As a medium of exchange

Law

This is that quality or attribute of a bill or note whereby it may pass from hand to hand similar to money, so as to give the holder in due course the right to hold the instrument and collect the sum payable for himself free from any infirmity in the instrument or defect in the title of any of the prior parties, or defenses available to them among themselves.

Negotiability

Law

A form of check that is not drawn on any particular bank but it is payable anywhere throughout the world.

Traveler's Check

Law

Functions of Negotiable Instrument

1. Substitute for money

2. medium of exchange

3. credit instrument which increases credit circulation

4. Increase purchasing medium of circulation

5. Evidence of transaction

Law

A check which has been certified by the bank official with respect to the sufficiency of funds covering the amount indicated in the face of the instrument. The word ''certified'' is stamped on the face of the check with the signature of the bank official making the certification.

Certified Check

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