CHAPTER THIRTY-EIGHT:

1) Explain the advantages of commercial paper that can qualify as a negotiable instrument.

2) Identify the different types of negotiable instruments and the key features of each type of instrument.

3) List and discuss the formal requirements that commercial paper must have to qualify as a negotiable instrument.

CHAPTER THIRTY-NINE:

4) Describe how order paper and bearer paper are negotiated.

5) Distinguish among blank, special, restrictive, and qualified indorsements.

6) Describe the requirements for becoming a holder in due course and explain the importance of being a holder in due course of a negotiable instrument.

7) Distinguish real defenses from personal defenses.

CHAPTER FORTY:

8) Explain the difference between primary and secondary liability on a negotiable instrument.

9) List the six warranties made by persons who transfer negotiable instruments to someone else.

10) List the four warranties made by persons who present negotiable instruments for payment or acceptance.