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Duane and Evan orally agree to a transfer of forty acres of farmland. Evan asks Finance Bank to lend him the funds to buy the land. Under the Statute of Frauds, the agreement between Duane and Evan is enforceable by
Negotiable
A term referring to a document or instrument that is transferable from one person to another in a form that is legally effective for the transfer.
Promissory Note
A written, legally binding agreement in which one party promises to pay another a specific sum of money by a set date.
Revised Article 3
An updated version of Article 3 of the Uniform Commercial Code (UCC) that governs negotiable instruments, including checks and promissory notes.
UCC
Uniform Commercial Code, a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions in the United States.
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