Documents used as payments to facilitate commercial transactions were labeled as negotiable instruments under ________.
A) the common law
B) Article 2 of the UCC
C) Article 2 and 3 of the UCC
D) Article 3 of the UCC
E) certain state statutes

Question

Quizplus · Accepted Answer

Negotiable instruments are governed by Article 3 of the Uniform Commercial Code (UCC), which provides a framework for the use of documents like checks, drafts, and notes as means of payment in commercial transactions.

Documents Used as Payments to Facilitate Commercial Transactions Were Labeled