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Law 2 Pages

Commercial Paper Law

Question

Read Chapter 22: "Commercial Paper." Answer the following questions in short-answer essay format. Each essay must be 5-7 complete sentences and is worth 8 points.

Each essay must include an introduction, body, and conclusion. It must address all relevant parts of each activity. Please cite the course textbook, and if necessary, you may cite outside sources. Proper citation format for a reference includes the name of the author(s), the title of the work, the date of the publication, and the page number.

Essay Questions

  • Describe the rules and procedures for stopping payment on a check.
  • Identify the parties involved in various types of commercial paper.
  • Distinguish between the two basic kinds of commercial paper, promises to pay (notes) and orders to pay (checks and drafts).
  • List and explain the essentials for negotiability of commercial paper.
  • List and explain the nonessentials for negotiability of commercial paper.
Solution

Title: Commercial Paper Law
Length: 2 pages (550 Words)
Style: MLA

Preview

Commercial Paper Law

1. Describe the rules and procedures for stopping payment on a check.

Halting the payment of a check requires making a stop-payment order that allows the depositor to instruct the bank not to make a payment on the check. This essay describes the rules and procedures for stopping the payment on a check.

The rules and procedures for stopping a check require that the notice should be given any time before the check presentation for payment. After instructing the bank, it must do as requested by the drawer; otherwise, it will be liable for the amount paid.

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