After Buying a Yacht for $1

question 63

Multiple Choice

After buying a yacht for $1.2 million using a cheque,Kyle returns to the yacht dealership demanding $200 000 of that money back on the grounds that his satisfaction was not fulfilled.Kyle argues that the yacht is only worth $1 million and believes he is entitled to the money that he overpaid.Which of the following requirements of using a negotiable instrument did Kyle fail to consider?

• A)It must be signed and written.
• B)Both parties must be identified.
• C)There must be a certain sum of money.
• D)There must be a time of payment.
• E)There must be an unconditional obligation.

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Definitions:

Developing Countries

Nations with lower levels of industrialization, income, and standards of living compared to developed countries.

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A financial statement presenting the government's projected revenues and spending for a specific financial year.

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A factory where steel is produced from raw materials through processes such as melting, casting, rolling, and shaping.

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A fossil fuel that is formed from the remains of ancient plants and used for electricity generation and industrial processes.