Other
Methods of Payment (Principles of Commercial Law)
- Institution
- Lancaster University (LU)
Terminology Essentials of payment Money as Method of Payment Physical Money Electronic Money Bills of Exchange
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
Content preview
Methods of Paymento Used in Sale of Goods (money needs to be discharged for consideration), Carriage of
Goods by Sea transactions (BoL – to provide freight)
Terminology
Negotiable ▪ Transferability vs Negotiability - doesn’t mean that the
documentary payment method is negotiable if it is transferable
▪ Legal document/instrument that discharges a payment obligation
(e.g. promissory note, IOU, bill of lading)
▪ Triangular relationship in cheques (instruction to bank) (Bill of
Exchange Act 1882, section 3)
▪ Transferable by delivery alone or by delivery and indorsement
(signing on back of document) (Bill of Exchange Act 1882, section
31)
▪ Negotiation or transfer of document is sufficient to pass title of
doc or instrument to a transferee without any further legal
requirement (i.e., registration or notice)
Nemo dat quod ▪ Negotiable payment methods qua exceptions
[ille] non habet ▪ One cannot give what one does not have
▪ Facilitates free-flow of business – would be too cumbersome to
constantly check the legitimacy of a cheque
▪ Defect in the good title of the transferee is irrelevant as long as
there is valuable consideration and in good faith, and without
notice of conflicting title claims or defences, transferee’s title is
not affected by any defects in the title of transferor
▪ Aka a bona fide purchaser for value without notice or equity’s
darling
- A holder in due course (s 29 Bills of Exchange 1882) – whilst it
is transferable it is not negotiable (effect of crossing cheques
s.81 Bills of Exchange Act 1882)
Documentary ▪ Physical property which carries significant intangible rights
intangible ▪ Documentary payments, negotiable instruments: bills of
exchange, promissory notes or simple transferable documents
(bearer shares)
Thing (chose) in ▪ Intangible property enjoyable by right to sue (personal right in
action property)
▪ A right in property that can only be claimed or enforced by action
and not by taking physical possession – Torkington v Magee
[1902]
▪ Can be debt owed by another person, shares in company or legal
claim
36
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kjlawnotes. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £4.29. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64670 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now
Recently viewed by you
Exam (elaborations) ·
PSYCH 295 EXAM 2 with verified answers graded A+
Exam (elaborations) ·
PN2 2571 Care Plan 2023/2024 - Rasmussen College Rated A+
Exam (elaborations) ·
NURS 621 Midterm Exam questions with correct answers.
Summary ·
Kennisclips leerpakket 3 kerntaak 6 EBP uitgeschreven
Exam (elaborations) ·
NCCCO Final Test questions with correct answers
Exam (elaborations) ·
spieren en structuren schouder/rug BOKS WSH 2023
Exam (elaborations) ·
Him 141 Exam Chapters 1&12 correctly answered 2023
Exam (elaborations) ·
INTRO TO MICROECONOMICS EXAM 17 QUESTIONS AND ANSWERS
