Assume that the promissory note from vexnet to onyx advertising was payable on a date certain (and all other elements were met) so that it was a valid negotiable instrument. how would the instrument be negotiated

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Social Studies

Francisco Hicks

31 May, 03:27

Assume that the promissory note from vexnet to onyx advertising was payable on a date certain (and all other elements were met) so that it was a valid negotiable instrument. how would the instrument be negotiated

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Cheyenne Clarke · Answer 1

A promissory note is a financial instrument which, as is defined in the question, consists on a written promise made by one party (the issuer), to pay a fixed amount on a certain due date to another party (the payee or receiver). Any terms concerning the repayment are agreed between the parties and contained in the document.

Moreover, it is a negotiable instrument and the debt can be transfered. Therefore, Onyx may transfer the right to receive money to a third party as part of its business activities. The promise stills there but the parties are not the same, therefore the note has been negotiated.