Requirements for Negotiability

 

Mnemonic Device:

  • WOOPS FUN

Explanation: To remember the requirements for a Commercial Paper (i.e., Elements of a Negotiable Instrument).

  • W = Writing
  • O = On demand or at definite time
  • O = Order or bearer
  • P = Promise or Order to Pay
  • S = Signed
  • F = Fixed amount of money
  • U = Unconditional
  • N = No unauthorized undertakings or instructions

Also interesting mnemonics:

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