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What is delivery
Delivery is a transfer of possession, either actual or constructive, from one
person to another with the intention to transfer title thereto
Fill in the blanks
Possession of a party is ______________ presumption of delivery.
Possession of a holder of due course is a _____________________ of a valid
and intentional
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Generally, no person is liable on instrument whose signature does not
appear there on except
1. Where a person signs in a trade or assumed name
2. If signed by a duly authorized agent on his behalf
3 Forger will be liable even if his signature does not appear
4. Acceptor makes his acceptance of a bill on a separate paper
5. Person makes a written promise to accept the bill before it is drawn
Requisites before an agent may escape personal liability for a signed
negotiable instrument:
1. If he is duly authorized
2. He ass words to his signature indicating that he signs as an agent for or
in behalf of a principal or in a representative capacity
3. He discloses his principal
If he doesnt do this he is bound by the negotiable instrument unless he
can prove that the payee knew he was only doing so in a representative
capacity
What is consideration?
It means an inducement to the contract, that is the cause, the price, or
impelling influence which induces a party to enter into a contract.