Which of the following statements is TRUE with respect to negotiable instruments?
A) Technically speaking, there are only three types of negotiable instruments: cheques, bills of exchange, and promissory notes.
B) The Bills of Exchange Act applies to every type of negotiable instrument.
C) Unlike most contracts, a negotiable instrument is effective only if it is written and signed.
D) A negotiable instrument is valid as long as it provides a mechanism that the drawer can use to determine how much the payee is entitled to receive.
E) A negotiable instrument is effective only if it contains a conditional obligation to pay money.
Correct Answer:
Verified
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