A Promise to Give Value in the Future Is Sufficient

question 51

True/False

A promise to give value in the future is sufficient to confer the rights of an HDC on one in possession of a negotiable instrument.

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Definitions:

Commercial Invoice

A document used in international trade that details the price, type, and quantity of goods shipped, serving as a demand for payment.

Contract of Affreightment

An agreement between a ship-owner and a charterer to transport goods in a specified quantity over a set period of time without designating a specific vessel.

Bill of Lading

A legal document between a shipper and carrier; it details the type, quantity, and destination of the goods being carried.

Negotiable Instrument

An instrument in writing that, when transferred in good faith and for value without notice of defects, passes a good title to the instrument to the transferee.