Under Article 3 of the UCC, a draft is a conditional promise to pay that involves three parties in distinct capacities: drawer, drawee, and payee.

Name: Under Article 3 of the UCC, a draft is a conditional promise to pay that involves three parties in distinct capacities: drawer, drawee, and payee.
Brand: Quizplus
Rating: 4.7 (53 reviews)

Question

Quizplus · Accepted Answer

Under Article 3 of the UCC, a draft is an unconditional order to pay, not a conditional promise, and it involves three parties: the drawer, the drawee, and the payee.

Under Article 3 of the UCC, a Draft Is a Conditional