Solved

Under Article 3 of the UCC, a Note Is

Question 244

Multiple Choice

Under Article 3 of the UCC, a note is:


A) an unconditional written order to pay that involves three parties: 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 three parties: drawer, drawee, and payee; the drawee must be a bank; payment must be "on demand"
C) 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
D) an acknowledgment by a bank that it has received money from a maker ordering the bank to pay the money received either upon demand to the payee
E) none of the other choices

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents