A Promissory Note Must Name a Specific Payee to Be

question 37

True/False

A promissory note must name a specific payee to be negotiable.​

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Definitions:

Frustrated Contract

A legal concept describing a contract that, due to unforeseeable circumstances, has become impossible to perform, thus being voided without penalty to either party.

Material Alteration

The major alteration of an agreement that has the effect of discharging the contract and replacing it with another.

Renegotiate

The process of revising the terms and conditions of an existing contract through mutual agreement between the involved parties.

Amend

To alter, modify, or add to a legal document or legislative bill.