1. The possessor of a piece of commercial paper always has an unconditional right to be paid.
2. Three parties are involved in a draft.
3. To be negotiable, bearer paper must be indorsed and delivered to the transferee.
4. Negotiation means that an instrument has been transferred to the holder by the issuer.
5. A promissory note may be valid even if it does not have a specific due date.