Negotiable instruments are commonly used in business transactions to finance the movement of goods and to secure and distribute loans. This course analyzes and applies the rules governing the "payment systems" of negotiable instruments and focuses on the processes by which a party's paper or electronic promise (note) or order (draft) to pay money can be acquired by subsequent parties (negotiability) and what are the rights and liabilities of the parties involved. The course will also introduce the students to the on-going evolution of commercial practice in response to the transformation from purely paper-based payment methods to credit card payments and electronic funds transfers, and to the new technological systems of debit cards and stored-value cards. Since many bar examinations include coverage of UCC Articles 3 and 4 this course can be critical for successful bar passage in those jurisdictions. Eligibility: Open to all except 1Ls. Course format: lecture. This course is recommended for taking the bar exam. Grading: final exam, 100%. Course has an ungraded component or practicum. This course must be taken for an S/U grade.