requirements of commercial paper under article 3-104
1. Does the following document meet the requirements of article 3- 104
( valid as commercial paper ) :
Check # 1124 Date: 1/23/14
I, the undersigned, promise to pay to Charles Chip
Amount of: $500 DOLLARS : FIVE HUNDRED AND 00/100
MEMO : _____________ Lina Q ‘ Brien
Yes or No
If yes, no further information is required.
if no, please explain.
2. Assuming it is not commercial paper- is it a contract and if so what type ?
3. Assuming it is commercial paper what are the two things Charles Chip can do with the instruments?
PLEASE FOLLOW UP THE QUESTIONS AND GIVE YOUR BEST ANSWERS I NEED THEM TO BE ANSWERED IN AT LEAST ONE FULL PARAGRAPH
IF ANY QUESTIONS OCCUR< FEEL FREE TO CALL ME OR EMAIL ME !