A person who renounces an obligation to pay on a(n)__________________ cannot be sued until after the due date of the first payment on the note.

Question

Quizplus · Accepted Answer

A promissory note is a legal document that states a promise to pay a specified amount of money at a certain date or on demand. If a person renounces the obligation to pay on a promissory note, they cannot be sued until after the due date of the first payment on the note. Therefore, the best choice is B. The other options listed are not relevant to the context of the question.

A Person Who Renounces an Obligation to Pay on A(n)__________________