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13 June, 21:34

Which of the following is NOT a requirement for negotiability:

a. State a fixed amount of money

b. Be signed by the payee

c. Be in writing

d. Be signed by the maker or the drawer

e. Be an unconditional promise or order to pay

f. Be payable on demand or at a definite time

g. Be payable to order or to bearer

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  1. 13 June, 22:43
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    b. Be signed by the payee

    Explanation:

    Negotiability is one of the concept of commercial paper. A commercial paper refers to a contract in which money will be paid.

    Negotiability is document that is written and signature appended by the maker or drawer which contains an unconditional order or promise to pay fixed sum of money upon delivery at a certain time and made to the bearer.

    An example of a negotiable instrument is a cheque which can be signed a number of times by different people involved in the deal.

    The requirements for negotiability are;

    Be payable to order or bearer

    Be payable on demand at a definite time

    State a fixed amount of money

    Be an unconditional promise or order to pay

    Be in writing

    Signed by the maker or drawer
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