The types of indispensable paper include:
A)chattel paper.
B)instruments.
C)documents.
D)All of the above.
E)None of the above.

Question

Quizplus · Accepted Answer

All three options listed (chattel paper, instruments, and documents) are types of commercial paper that are considered indispensable, which means they are necessary for the negotiation of a specific transaction or obligation. Chattel paper refers to a document that represents both a monetary obligation and a security interest in a specific item of personal property. Instruments are documents that promise to pay a specified amount of money to a particular party, such as a check or promissory note. Documents are records of the title, ownership, or possession of goods, such as a bill of lading or warehouse receipt.

The Types of Indispensable Paper Include