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) an unconditional written order to pay that involves two parties: drawer and payee; the payment is at an agreed upon future date
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
Q221: The one who receives payment from a
Q222: The _ issues or creates the document
Q223: With negotiable instruments, the party to receive
Q224: The one who agreed to make a
Q225: The one who issues or creates the
Q227: Negotiable instruments under the UCC do not
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
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