Grant wanted to sue a car dealership for breach of contract.Carolyn agreed to work as his lawyer.To ensure that he eventually paid his bill, Carolyn required grant to sign a document in which he promised to pay her "$10 000 on December 31 if the court holds the car dealership liable for damages." That document is a promissory note that is governed by the Bills of Exchange Act.

Question

Quizplus · Accepted Answer

A promissory note is a negotiable instrument, but it is not governed by the Bills of Exchange Act. It is a separate legal document that creates a promise to pay and outlines the terms and conditions of the payment.

Grant Wanted to Sue a Car Dealership for Breach of Contract.Carolyn