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The Universal commercial Code ( UCC) has been created to foster the free flow of commercial activity in the United States by making laws that are both reasonable and practical. Article 3 of this code deals with negotiable instruments. These contracts for payment serve as a substitute for actual money and make the flow of commerce move along at a faster rate.
There are certain requirements that must be met for an item to be qualified as a negotiable instrument. First the instrument must be in writing. This writing must also meet the permanence and portability requirements. The writing must be made on a permanent surface (not in the sand) and it must be portable and able to be transferred. Negotiable instruments written on paper satisfy these two requirements.
The second requirement for negotiable instruments is that the maker or drawer signs them. Third, the instrument must also contain an unconditional promise or order to pay. Fourth, it must also contain a promise or......
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Title: The Universal Commercial Code
Approximate Word Count: 666
Approximate Pages: 3 (250 words per double-spaced page)
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