The concept of value, for purposes of negotiable instruments, includes:
A)the giving of an irrevocable obligation to a third party.
B)executory promises.
C)judicial liens.
D)None of the above.

Question

Quizplus · Accepted Answer

The concept of value in negotiable instruments refers to the consideration that the issuer of the instrument provides to the payee in exchange for the promise to pay. This consideration can take the form of giving an irrevocable obligation to a third party, which provides value to the payee. Executory promises and judicial liens do not necessarily provide value in this context.

The Concept of Value, for Purposes of Negotiable Instruments, Includes