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18 Cards in this Set
- Front
- Back
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Types of Negotiable Instruments
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Drafts and Checks
Promissory Notes Certificate of Deposits |
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Types of Negotiable Instruments
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Drafts and Checks
Promissory Notes Certificate of Deposits |
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Time Draft
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Payable at a definite future time
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Sight Draft
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payable on sight
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Checks
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check is a draft, drawn on a bank and payable on demand
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promissory note
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written promise between two parties
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Certificate of deposit (CD)
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type of note issued by a bank
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drawer
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the person who signs or makes the order to pay
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drawee
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person to whom the order to pay is made
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payee
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the person to whom the payment is order
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maker
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the person who promises to pay
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payee
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the person to whom the promise is made
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drawer
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the person who signs or makes the order to pay
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drawee
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person to whom the order to pay is made
|
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payee
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the person to whom the payment is order
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maker
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the person who promises to pay
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payee
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the person to whom the promise is made
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For an instrument to be negotiable
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1. be in writing
2. signed by the maker or the drawer 3. be an unconditional promise or order to pay 4. state a fixed amount of money 5. be payable on demand or at a definite time 6. be payable to order or to bearer, unless its a check |
