Negotiable Instruments Began as a Form of Bill of Exchange

question 55

True/False

Negotiable instruments began as a form of bill of exchange.

---

Definitions:

Consideration

Something of value that is exchanged between parties in a contract, making the agreement legally binding.

Preexisting Contract

A legal agreement that was created and became effective before the current discussion or issue.

Additional Consideration

Extra benefits or compensation provided to one party in a contract to modify or amend the original terms.

Consideration

In contract law, consideration is the benefit or value that parties agree to exchange, which is necessary for a contract to be legally binding.