Under the Negotiable Instruments Article of the UCC, which of the following statements is(are) correct regarding the requirements for an instrument to be negotiable?

 

　　I.The instrument must be in writing, be signed by both the drawer and the drawee, and contain an unconditional promise or order to pay.

 

　　II.The instrument must state a fixed amount of money, be payable on demand or at a definite time, and be payable to order or to bearer.

 

　　a.II only.

 

　　b.I only.

 

　　c.Neither I nor II.

 

　　d.Both I and II.

 

　　Explanation

 

　　Choice "a" is correct. To be negotiable, the instrument must meet all of the following:

 

　　Be in writing

 

　　Be signed by the maker or drawer (not drawee)

 

　　Contain an unconditional promise or order

 

　　Be for a fixed amount of money

 

　　Be payable on demand or at a definite time

 

　　Be payable to order or bearer

 

　　Contain no additional undertaking/instruction not authorized by the UCC

 

　　Alternative I is incorrect because there is no requirement that the drawee sign.

 

　　小编语录：努力和效果之间，永远有这样一段距离。成功和失败的唯一区别是，你能不能坚持挺过这段无法估计的距离。