Kris wants one of Jasmine's purebred Persian kittens.Kris signs an instrument in which she promises to pay Jasmine for a kitten.The instrument will be negotiable if it is payable in
A)goods of equal market value.
B)money.
C)any of the choices.
D)shares in stock.

Question

Quizplus · Accepted Answer

A negotiable instrument must be payable in money, which means that the promise to pay must be for a specific sum of money. This is what makes the instrument transferable and allows it to be used as a substitute for cash. Goods of equal market value or shares in stock are not considered legal tender and cannot be used to satisfy the payment of a negotiable instrument.

Kris Wants One of Jasmine's Purebred Persian Kittens