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Describe the rules and procedures for stopping payment on a check.

  1. Describe the rules and procedures for stopping payment on a check.
  2. Define commercial paper AND identify the parties involved in various types of commercial paper .
  3. Distinguish between the two basic kinds of commercial paper, promises to pay (notes) and orders to pay (checks and drafts).
  4. List and explain the essentials for negotiability of commercial paper.
  5. List and explain the nonessentials for negotiability of commercial paper.

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