____ specify payment to be made in the future, such as 60 days from the date of the writing of the draft.

Question

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Time or term drafts specify a future date for payment, such as 60 days from the date of writing the draft. Balloon drafts typically involve a larger payment at the end of the term, delayed drafts are simply a delay in payment, real estate drafts are specific to real estate transactions, and lapsed drafts have expired and can no longer be used for payment.

____ Specify Payment to Be Made in the Future, Such