Asked by Jesse Mad3329 on May 22, 2024
Verified
A(n) ________ instrument becomes overdue at any time after the expressed due date on it.
A) demand
B) overdue
C) dishonored
D) time
E) illegal
Overdue
Pertaining to a payment, obligation, or duty that has not been fulfilled by its due date.
Due Date
The specified day by which a task needs to be completed or a payment needs to be made.
Instrument
A formal legal document that signifies a monetary value or evidences a transaction involving financial rights or property.
- Recognize the circumstances under which an instrument (e.g., check or note) may be considered overdue or dishonored and the implications for holders and HDCs.
Verified Answer
DT
Debra TrujilloMay 27, 2024
Final Answer :
D
Explanation :
A time instrument becomes overdue after the expressed due date on it, as it specifies a particular date or time for payment.
Learning Objectives
- Recognize the circumstances under which an instrument (e.g., check or note) may be considered overdue or dishonored and the implications for holders and HDCs.