Sandy signs a negotiable instrument that orders Sally to pay $1,000 to the order of Pat on May 4,2001.What type of instrument is this?

Question

Quizplus · Accepted Answer

A time draft is a type of negotiable instrument that orders the payment of a specific amount of money at a future date. In this case, the order is for Sally to pay $1,000 to the order of Pat on May 4, 2001, which is a future date. Therefore, the instrument is a time draft. The other options do not fit the description of the instrument.

Sandy Signs a Negotiable Instrument That Orders Sally to Pay