Explain why security filings are important in the business context
This week’s lectures will cover negotiable instruments under the UCC. These negotiable instruments allow the transfer of property and allow commerce to freely flow. This week will also introduce how this takes place in the digital commerce, specifically to banking in the digital age.
Upon successful completion of this week’s lesson, you should be prepared to:
• Assess situations in which legal assistance may be needed
• Explain why security filings are important in the business context
For each assignment in business law, students should utilize the IRAC method. Introduce the concepts from a particular week, state the Rule of law making sure to include all elements of any law, Analyze the problem using both the facts of the case and the rule of law and finally make a Conclusion on the problem that week.
On a sheet of paper, Elle writes, without her signature, “I acknowledge that I owe Frank $600, payable out of the proceeds of the sale of my car, a 2005 Honda Civic, which I promise to advertise ‘For Sale’ next week. Payment is to be made on or before six months from today.” What type of instrument is this? Is it negotiable? If not, why not? Be sure to list all elements required for a note to be negotiable.