An indorsement is required to negotiate order paper; but is not required to negotiate bearer paper.

Increasing the dollar amount of an instrument is considered a material alteration, which is a real defense to enforcement of a negotiable instrument.

The primary benefit of a negotiable instrument is that it can be used as a substitute for money.

The drawee of a check is the financial institution where the drawer has an account.

A draft is an unconditional promise by the drawer to pay the drawee a fixed amount of money.

A promissory note that does not meet the requirements of negotiability is not enforceable.

Presentment is a demand for payment of a negotiable instrument upon the maker, drawee or other payor.

The transfer of a negotiable instrument by a person other than the issuer to the holder is

A promissory note that does not meet the requirements of negotiability is not enforceable.

As a holder, the payee of a note can either demand payment or indorse the note to another person.