Q 1) Compare and Contrast Drafts and Promissory Notes. Be sure to include the identity of the parties on both instruments. 2) In order to make a Draft or a Note an acceptable cash equivalent for commercial transactions, the paper must a) Have all of the magical ingredients on its face (qualify as a negotiable instrument) b) Be transferred in a magical way (negotiated) c) to a person with magical powers (Holder in Due Course). This chapter deals with the six requirements for (a)...what are they?
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