Asked by Lindsey Hagen on May 23, 2024
Verified
A ________ is a specific draft,drawn by the owner of a checking account,ordering the bank to pay the payee from that drawer's account.
A) promissory contract
B) certificate of deposit
C) note
D) check
E) time instrument
Checking Account
A bank account that allows easy access to funds, typically through checks or electronic transactions, and is used for day-to-day expenses.
Payee
A person or entity who is to receive money.
Drawer
In banking and finance, the person or entity that writes a check or draft instructing a drawee to pay a specified sum to a third party.
- Determine the diverse categories of negotiable instruments and their specific attributes.
Verified Answer
SP
Sanjeet PandeyMay 27, 2024
Final Answer :
D
Explanation :
According to Uniform Commercial Code Section 3-104(f),a check is a specific draft,drawn by the owner of a checking account,ordering the bank to pay the payee from that drawer's account.
Learning Objectives
- Determine the diverse categories of negotiable instruments and their specific attributes.