Under Article 3 of the UCC, a check is:
A) an unconditional written order to pay that involves three parties: a drawer, drawee, payee; the drawee may be a bank, person, or business. Payment may be set at some future time
B) a draft drawn on a bank and payable on demand
C) a promise by one party to pay a certain sum of money to another party; two parties are involved: the maker and the payee; payment may be set at some future date
D) an acknowledgment by a bank that it has received money from a customer with a promise from the bank that it will repay the money received either at a specified date or upon demand; two parties are involved: a maker and a payee
E) none of these
Correct Answer:
Verified
Q228: A "draft drawn on a bank and
Q229: The _ agrees to make the payment,
Q230: The _ issues or creates the document
Q231: The one who issues or creates the
Q232: The _ agrees to make the payment,
Q234: To be found a holder in due
Q235: A "draft drawn on a bank and
Q236: With negotiable instruments, the party to receive
Q237: The one who agreed to make a
Q238: The one who receives payment from a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents