Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ucc revised article 3 covers negotiable instrument

UCC Revised Article 3 covers negotiable instruments within the US. What problems hinder any efforts to...

90.2K

Verified Solution

Question

Accounting

UCC Revised Article 3 covers negotiable instruments within theUS. What problems hinder any efforts to establish uniforminternational rules for negotiable instruments? What additionalvariables do you see in trying to establish a uniform internationalset of rules for negotiable instruments compared to doing so solelywithin the United States?

Like the folk song from the 1960's, "The times they are achangin'." UCC revised Article 3 and the law of negotiableinstruments were designed to create a substitute for cash and tofacilitate commerce. Has the importance of negotiable instrumentsin commerce increased or decreased in recent years? How willincreased online commerce affect the importance of negotiableinstruments?

Answer & Explanation Solved by verified expert
3.6 Ratings (581 Votes)
A negotiable instrument is a special piece of paper that can be passed from one person to another and ultimately exchanged for money The passing or transfer of the piece of paper is known as negotiation and the ability to freely make these kinds of persontoperson transfers and then ultimately to exchange the piece of paperor instrumentfor money is what makes the instrument negotiable You are probably already familiar with one of the most common negotiable instruments a check such as you would write to pay for things for your business and that your customers or clients might use to pay you Another common negotiable instrument with which you also may be familiar is a promissory note such as you might sign in order to get a business loan or possibly to document a deal to exchange property for money Article 3 of the Uniform Commercial Code UCC contains dozens of sections laying out hundreds of rules for how checks promissory notes and other negotiable instruments work In this first of two Nolo overview articles on negotiable instruments we look at a few of the most basic UCC principles Two Types of Negotiable Instruments The UCC defines two types of negotiable instruments drafts and notes A draft is an order to pay money and a note is a promise to pay    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Explain how a qualitative anatomical analysis can be applied to improve training technique. Why would a...

Medical Sciences
Q

Indicate whether the following instruments are examples of money market or capital market securities: a. U.S. Treasury...

Finance
Q

Question 5 Certossi Service Ltd. uses straight-line depreciation. The company's fiscal year end is December 31. The...

Accounting
Q

What sports developed large crowds of spectators?Bicycling and boxingBoxing and tennisTennis and bicyclingBaseball and boxing

Biology
Q

Required information [The following information applies to the questions displayed below.] Shown here are condensed...

Accounting
Q

Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.3% service years...

Accounting
Q

The following lots of a particular commodity were available for sale during the year: Beginning...

Accounting
Q

Do they can granted was on transmited to, 500 Thieroduct and directe dusty warranty payments...

Accounting
Q

Sweet Acacia Company manufactures and sells two products. Relevant per-unit data concerning each product follow:...

Accounting
Q

Complete Case Study 51 in chapter 19 of the textbook (according to the directions provided...

Accounting
Q

(Yield to maturity) A bond's market price is $925. It has a $1,000 par value,...

Finance
Q

2. TEXTBOOK CHAPTER 3 - EXERCISE 12 - INFLATION-ADJUSTED BONDS (TIPS) In 1997, the U.S....

Finance