Jake Signed and Delivered a Negotiable Promissory Note Payable to Nancy.Nancy

question 56

True/False

Jake signed and delivered a negotiable promissory note payable to Nancy.Nancy negotiated the note to Fred.Fred now has the same legal status as an assignee of a contract.

---

Definitions:

Shipping Costs

Expenses associated with the transport of goods from one location to another.

Liquidated Damages Agreement

A contractual provision that pre-determines the amount of damages to be paid if a party breaches the agreement.

Penal

Pertaining to punishment or penalties imposed for violations of laws or regulations.

Liquidated Damages

Predetermined sum agreed upon by the parties involved in a contract to be paid as compensation in case of breach, representing an estimate of actual damages that might result from non-performance.