A paper reads: To: Empire Bank.Five days after the next full moon,pay to Nathan Montrose or anyone named by him the sum of $500.00.Signed: "Monica Tray moor,. ,August 15,1994.Most correctly,this is

Question

Quizplus · Accepted Answer

A negotiable instrument is a written promise to pay a certain sum of money to a specified person or to the bearer. A bill of exchange is a negotiable instrument that is drawn by one person (the drawer) on another person (the drawee) and orders the drawee to pay a certain sum of money to a specified person (the payee). A promissory note is a negotiable instrument that is signed by one person (the maker) and promises to pay a certain sum of money to a specified person (the payee). A banker's acceptance is a negotiable instrument that is drawn by a bank and accepted by a customer. It is a promise by the bank to pay a certain sum of money to a specified person (the payee). The paper in this question is a negotiable instrument because it is a written promise to pay a certain sum of money to a specified person (Nathan Montrose or anyone named by him). It is also a bill of exchange because it is drawn by one person (Monica Traymoor) on another person (Empire Bank) and orders the drawee to pay a certain sum of money to a specified person (Nathan Montrose or anyone named by him).

A Paper Reads: To: Empire Bank