Which of the following satisfies the currency requirement for negotiability in the United States?
A)U)S.dollars only
B)U)S.dollars or English pounds
C)U)S.dollars,English pounds,or euros
D)U)S.dollars,English pounds,euros,or Japanese yen
E)U)S.dollars,English pounds,euros,Japanese yen,or gold

Question

Quizplus · Accepted Answer

According to Uniform Commercial Code Section 3-104(a),negotiable instruments must promise or order payment to be made in a national currency.For example,U.S.dollars,English pounds,euros,and Japanese yen all satisfy the currency requirement.Gold is not currency,and although a promise to pay in gold may form a perfectly enforceable contract,the resulting instrument is not a negotiable instrument.

Which of the Following Satisfies the Currency Requirement for Negotiability