accounting discussion question and need the explanation and answer to help me learn.
Explain the requirements necessary for something to be called a negotiable instrument? What is the result if even one of the requirements is missing?
Question 2 (2.5 points)
I took this check to cashiering to pay for my classes but cashiering refused it. Assuming my contact, bank, and account information is correct, explain why this check is not a valid negotiable instrument.
Question 3 (2.5 points)
I wrote out this check to pay for my groceries. I have paid by check at this supermarket many times before. I had my driver’s license with me but the cashier would not accept the check. I even talked to the manager and she would not allow it either. Assuming the contact, bank, and account information is correct, what is this check missing to meet all the requirements of a negotiable instrument?
Lucy often plays football with her friend Charlie. Charlie is a big Panthers fan. When he found out that Lucy and her brother Linus owned a football signed by the entired team, he had to have it. They all agreed that Charlie would pay $200 for the football. On the day that Charlie went over to the van Pelt house to pick up the football, only Linus was home. He gave Charlie the football and Charlie gave him the above check. Linus immediately took it to the bank. He deposited the check into his own back account and withdrew $100 in cash to give to Lucy. When Linus gave Lucy the $100, Lucy was furious. She expected $150 because she was the one who negotiated the deal. Linus refused to give her another $50. Lucy decided she would go tthe bank, explain the situation, and have the bank transfer $50 into her account. Will Lucy have any luck going to the bank? Explain why or why not.
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