A drawee is not liable to pay a draft until the drawee has accepted it.
Correct Answer:
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Q1: A time draft is payable on sight.
Q4: One of the common functions of negotiable
Q5: The concept of negotiation is unimportant to
Q6: An instrument can be a sight draft
Q7: The UCC recognizes five types of negotiable
Q8: A promissory note is an unconditional written
Q10: The drawee must be obligated to pay
Q11: Some forms of negotiable instruments extend credit
Q13: Once created,a negotiable instrument can be transferred
Q14: For the drawee to be liable on
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