Negotiable Instruments

Front

An instrument payable at a definite time or after a specific amount of time.

Back

Time instrument

Front

A bill of exchange drawn on a drawer’s specified financial institution to be payable to the payee.

Back

Check

Front

A bill of exchange payable upon being presented to the payee or upon acceptance.

Back

Sight draft

Front

A method of writing NOT recommended when drawing a negotiable instrument.

Back

Pencil

Front

A requirement that is NOT necessary for a negotiable instrument.

Back

It must contain a conditional promise

Front

Permits the date of maturity to be extended

Back

Extension clause

Front

Not a mode of discharge

Back

By holder alteration

Front

Example of discharge by cancellation

Back

Voiding a check

Front

Example of a personal defense

Back

Breach of contract

Front

Primary party in a contract liability

Back

The maker of a promissory note