A draft is an order by a drawer to a drawee to pay a payee.
Correct Answer:
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Q1: The Uniform Commercial Code defines a negotiable
Q2: Instruments payable to "cash" are considered bearer
Q3: If an instrument is silent as to
Q4: With a demand instrument,payment can be made
Q5: In order to satisfy the negotiable instrument
Q7: An ordinary IOU satisfies the "unconditional promise
Q8: The person creating the endorsement is the
Q9: The law recognizes an oral negotiable instrument
Q10: An order instrument is payable to a
Q11: The Uniform Commercial Code requires an "instrument
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