Formal Requirements Mr. Higgins operated a used car dealership in the state of Alabama. Higgins purchased a Chevrolet Corvette. He paid for the car with a draft on his account at the First State Bank of Albertville. Soon after, Higgins resold the car to Mr. Holsonback. To pay for the car, Holsonback signed a check that was printed on a standard-sized envelope. The reason the check was printed on an envelope is that this practice made it easier to transfer title and other documents from the seller to the buyer. The envelope on which the check was written contained a certificate of title, a mileage statement, and a bill of sale. Does a check printed on an envelope meet the formal requirements to be classified as a negotiable instrument under the UCC?
Formal Requirements Mr. Higgins operated a used car dealership in the state of Alabama. Higgins purchased a Chevrolet Corvette. He paid for the car with a draft on his account at the First State Bank of Albertville. Soon after, Higgins resold the car to Mr. Holsonback. To pay for the car, Holsonback signed a check that was printed on a standard-sized envelope. The reason the check was printed on an envelope is that this practice made it easier to transfer title and other documents from the seller to the buyer. The envelope on which the check was written contained a certificate of title, a mileage statement, and a bill of sale. Does a check printed on an envelope meet the formal requirements to be classified as a negotiable instrument under the UCC?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
Formal Requirements Mr. Higgins operated a used car dealership in the state of Alabama. Higgins purchased a Chevrolet Corvette. He paid for the car with a draft on his account at the First State Bank of Albertville. Soon after, Higgins resold the car to Mr. Holsonback. To pay for the car, Holsonback signed a check that was printed on a standard-sized envelope. The reason the check was printed on an envelope is that this practice made it easier to transfer title and other documents from the seller to the buyer. The envelope on which the check was written contained a certificate of title, a mileage statement, and a bill of sale. Does a check printed on an envelope meet the formal requirements to be classified as a negotiable instrument under the UCC?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.