Promissory Notes Section 4 - Promissory note[6] A “promissory note” is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking‚ signed by the maker‚ to pay a certain sum of money only to‚ or to the order of‚ a certain person‚ or to the bearer of the instrument. A promissory note is a legal instrument (more particularly‚ a financial instrument)‚ in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to
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does where it is? Now to answer the question‚ the instrument that is used here is called a promissory note‚ meaning I promise to pay such and such amount by this date. In this particular case the document that states: “I promise to pay to the order of Bob’s Auto Emporium $ 20‚000 with interest at the rate of 7% per annum “‚ granted it is a promise‚ but this one is not negotiable. For a promissory note to be negotiable is has to be in writing‚ it must be signed by the preparer‚ it must be an unconditional
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Poole: Contract Law ANSWERS - SELF TEST – ENFORCEABILITY OF PROMISES– INTENTION TO CREATE LEGAL RELATIONS‚ CONSIDERATION‚ PROMISSORY ESTOPPEL AND DURESS 1. What is the effect of including an "honour clause" in a written agreement? (2) An "honour clause" has the effect of rebutting the normal presumption of an intention to create legal relations in a commercial agreement (1). Its effect is to render the agreement binding in honour only so that it will not be a legally binding contract. (1) 2. What
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loaned me $4000.00 pursuant to a promissory note of the same date. Under the terms of the note‚ the entire amount as well as interest at a rate of 12% per annum‚ commencing December 1‚ 2014‚ was due in full on March 1‚ 2015. Interest continues to accrue at the same rate until such time as all amounts are paid in full or judgment is obtained. A true copy of the promissory note dated March 1‚ 2015 is attached as Exhibit 1. 3. Shortly after the date I signed the note‚ I incurred unexpected expenses
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1. The following are essential requisites of a negotiable promissory note except a. must be written and signed by the drawer b. must contain an unconditional promise to pay a sum certain in money c. must be payable upon fixed determinable future time. d. must be payable to order or bearer 2. Which of the following is not an essential element of a bill of exchange? a. must be written and signed by the drawee b. must contain an unconditional promise to pay a sum certain in money c. must
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Promissory Estoppel Promissory Estoppel Defined Sometimes an agreement without consideration will be enforced. This happens when a promise which foreseeably induces promisee to act or forebear becomes binding because injustice can only be avoided by enforcement of the promise. Promise A promise is an assurance‚ in whatever form or expression that a thing will or will not be done. Actual Reliance The promisee must actually and justifiably rely on the promise by the other.
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From March of 1797 to 1800‚ a diplomatic scandal occurred where Americans were outraged by demands from the French for a bribe as a condition for negotiating with American diplomats that became known as the XYZ Affair. John Adams took presidency in 1797 and inherited several problems from George Washington’s administration‚ including hostilities between the United States and France that began to escalate in the 1790s. The signing of Jay’s Treaty‚ which violated of the Treaty of Paris yet averted
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To begin with‚ the case as regards Richard and Ernie is related to the Doctrine of Promissory Estoppel‚ which is derived from Equity. According to this doctrine‚ if one party to the contract (promisor) makes a promise which the other party to the contract (promisee) acts upon‚ the promisor is estopped from going back on his promise‚ even though the promise did not provide any consideration. Theoretically‚ by this concept‚ Ernie should be estopped from asking Richard for the remaining balance of
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Consideration is an essential element in the formation of a contract. Consideration may be a promise to carry out an action or a promise to refrain from carrying out an act that one is legally entitled to perform. Consideration may be defined in many ways‚ the following definition was obtained from Currie v Misa (1975) LR Exch 153. In this case‚ Lush J said: “A valuable consideration in the sense of the law may consist either in some right‚ interest‚ profit or benefit accruing to one party‚ or
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sum in discharge of a greater sum‚ cant reclaim full payment refer to D & C Builders Ltd v Rees Estoppel Generally: * Different forms of estoppel: common law estoppel‚ estoppel in pais‚ estoppel by representation estoppel by convention…promissory estoppel‚ proprietary estoppel and equitable estoppel. * Above differences in estoppel not important today - grouped together as a reference to unconscionability. main differences = common law estoppels (based on representations of facts)
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