On a piece of paper,A writes a memo that sets out the name of his bank,his bank account number,and a statement indicating that the bank is required to pay to B whatever amount B desires.A then puts his signature at the bottom and gives the memo to B.In this case,the memo is
A)a cheque.
B)a negotiable instrument.
C)a promissory note.
D)a bill of exchange.
E)none of the above

Question

Quizplus · Accepted Answer

The memo does not meet the formal requirements of a cheque, negotiable instrument, promissory note, or bill of exchange. It lacks essential elements such as an unconditional order to pay a specific amount, a payee, or a drawee bank.

On a Piece of Paper,A Writes a Memo That Sets