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).
Six requirements for (a)...what are they?