Asked by Pamela Lorraine on Jun 13, 2024
Verified
An instrument payable at a definite time is time paper.
Instrument Payable
A financial document promising to pay a specified amount of money to a person in possession or to their order.
Time Paper
A financial document or instrument that is payable at a future specified date, not upon demand or presentation.
- Comprehend the conditions necessary for an instrument to qualify as negotiable under the UCC.
Verified Answer
HT
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Final Answer :
True
Explanation :
An instrument payable at a definite time is indeed referred to as "time paper" because its payment is scheduled for a specific date or time in the future, as opposed to being payable on demand.
Learning Objectives
- Comprehend the conditions necessary for an instrument to qualify as negotiable under the UCC.
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