Documents used as payments to facilitate commercial transactions were originally generically called ____.
A) Negotiable instruments
B) Commercial paper
C) Promissory paper
D) Commerce notes
E) Payment notes

Question

Quizplus · Accepted Answer

Using documents as payments can greatly facilitate commercial transactions, especially when cash is in short supply or it is dangerous to transfer large amounts of currency or precious metals. These documents of payment were generically called commercial paper and under Article 3 of the UCC were specifically labeled negotiable instruments.

Documents Used as Payments to Facilitate Commercial Transactions Were Originally