1. No. An instrument payable when a person reaches a certain age is not negotiable because the time
2. No. Negotiable instruments (except for checks) must be payable to order or to bearer. The words, “I
3. No. Negotiable instruments must be payable on demand or at a definite time. The time for payment
4. Yes. The handwritten note is a tangible form of writing. Any writing, mark, or symbol is accepted
5. The legal term that describes the transfer of the note from Gaff to Lai is assignment. It was not a
negotiation because to be negotiable, an instrument must be for a fixed amount of money, which is a
6. Yes. The indorsement was valid. When an instrument is made payable to a person under a
misspelled name or a name other than that person’s own, he or she may indorse in the incorrect name,
7. Yes. An indorsement can be written anywhere on the instrument. For convenience, an indorsement is
8. No. Although a qualified indorsement absolves the indorser from liability on the contract that
nonqualified indorsers make, it does not insulate the indorser from liability on the warranties made by
9. No. A holder is a person who is in possession of an instrument issued or indorsed to that person, to
