To Be Negotiable, a Draft or Check Must Contain the Drawer's

question 63

True/False

To be negotiable, a draft or check must contain the drawer's unconditional order to pay a payee.

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Definitions:

Board of Directors

Elected by the corporation's shareholders, this assembly is responsible for governance and pivotal decision-making within the company.

Officers

Individuals appointed to manage day-to-day operations and make executive decisions in an organization or corporation, such as CEOs, CFOs, and COOs.

Usurped Corporate Opportunity

This refers to a situation where an individual, often an executive or director, takes for their own benefit an opportunity that should rightfully belong to the corporation.

Unlawful Distributions

Refers to the illegal dispensation, sharing, or allocation of assets or resources, often seen within the context of corporations or trust laws.