Which of the following does not satisfy the requirement that to be negotiable an instrument must be payable at a time certain or on demand?
A) The instrument states a specific date for payment.
B) The instrument is dated and then states that "payment will be made 5 days after the above date."
C) An instrument that states that payments is due at a fixed time but may be extended at the election of the holder.
D) An instrument that states that "payment will be made 10 days after delivery of the goods."
E) An instrument that permits acceleration of payment and has a fixed date of payment if the acceleration clause is not affected.

Question

Quizplus · Accepted Answer

A negotiable instrument must be payable on demand or at a specific time that the parties can compute from the instrument itself. An instrument that states "payment will be made 10 days after delivery of the goods" but indicates nowhere in the instrument when that delivery is to be made is not a negotiable instrument.

Which of the Following Does Not Satisfy the Requirement That