Rico agrees to buy a bicycle from Salvatore for $250. Salvatore agrees to deliver the bike on September 1. Rico writes a draft for $250 payable to Salvatore on September 1. This is

Name: Rico agrees to buy a bicycle from Salvatore for $250. Salvatore agrees to deliver the bike on September 1. Rico writes a draft for $250 payable to Salvatore on September 1. This is
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A time draft is a type of draft that is payable at a specific future date, in this case, September 1.

Rico Agrees to Buy a Bicycle from Salvatore for $250