Asked by logan brockway on May 12, 2024
Verified
Article 3 of the UCC recognizes three types of negotiable instruments: notes, drafts, and checks.
Article 3
A section of the U.S. Constitution that establishes the judicial branch of the federal government, outlining the powers and structure of the Supreme Court and other federal courts.
Negotiable Instruments
Financial instruments, such as checks, promissory notes, and bills of exchange, that contain an unconditional promise or order to pay a specified amount of money and are transferable by endorsement.
UCC
All commercial exchanges in the United States are regulated by the comprehensive legal framework known as the Uniform Commercial Code.
- Identify the types of negotiable instruments recognized under the Uniform Commercial Code (UCC).
Verified Answer
Learning Objectives
- Identify the types of negotiable instruments recognized under the Uniform Commercial Code (UCC).
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