Question 3 (a)Define a promissory note.(b)State whether each of the following negotiable i
Question 3
(a)Define a promissory note.
(b)State whether each of the following negotiable instruments is valid.
(i) A bill reads "pay $1,000 out of money to be received by you from Mr. Gao".
(ii) A bill of exchange reads "pay $10,000, charge the same to the sale proceeds of 100 cartons of toys shipped per SS Mingzen".
(iii) A bill of exchange which is stated as being payable on arrival of goods at a specified port.
(iv) Is a bill of exchange which is payable on a person's marriage valid?
(v) A bill of exchange is drawn in favour of a minor, a person below the age of eighteen.
(vi) A bill of exchange reads "we hereby request you to pay on our account to the order of Gao$1,000".
(vii) A bill of exchange reads "pay to our order the sum of $5,000 in accordance with your undertaking authorized through Bank of Hongkong".
(viii) Is a cheque which reads "pay order" valid?
(ix) A promissory note reads "I promise to pay on or before Dec 1st, 1998 Mr. Gao or order the sum of $10,000 only for value received. Signed".
(x) Is a promissory note which reads "to be paid back in full by 1 July, 1988" valid?