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Chapter 5 - Negotiable instruments. In this chapter you should understand: the historical origins of negotiable instruments; the difference between ‘negotiability’ and ‘assignability’; the parties to, uses for and liabilities pertaining to and processes surrounding: bills of exchange, promissory notes, cheques. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 5- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Negotiable Instruments Chapter 5 Introduction Negotiable instrument: a document with legal rights attached to it. Can be transferred from one person to another, simply by delivery of the document (sometimes it requires endorsement). Examples: Cheques Bills of exchange 5- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Background to Development of Negotiable Instruments Early merchants had to pay for goods and services by carrying around large quantities of coins. Merchants began writing orders to each other. Legal rules impeded them, e.g. the nemo dat rule—you cannot transfer better title to goods than you have. To overcome nemo dat, an exception developed for negotiable instruments—these can be transferred from one person to another and the transferee receives good title, even if the transferor did not have good title. 5- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e The Concept of Negotiability Assignability (transferability): Capacity to be transferred from one person to another. Negotiability: Assignability, plus allows good title to pass to the transferee. 5- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Bills of Exchange Unconditional orders. In writing. Addressed by one person (drawer) to another (drawee). Signed by the person giving a bill (the drawer). Paid on demand, or at a fixed or determinable future time. Involve a certain sum of money. To the order of a specified person, or to bearer. 5- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 5- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Negotiable Instruments Chapter 5 Introduction Negotiable instrument: a document with legal rights attached to it. Can be transferred from one person to another, simply by delivery of the document (sometimes it requires endorsement). Examples: Cheques Bills of exchange 5- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Background to Development of Negotiable Instruments Early merchants had to pay for goods and services by carrying around large quantities of coins. Merchants began writing orders to each other. Legal rules impeded them, e.g. the nemo dat rule—you cannot transfer better title to goods than you have. To overcome nemo dat, an exception developed for negotiable .
