Asked by Ciara Lawrence on May 20, 2024
Verified
At any date after the expressed due date on a time instrument, the instrument becomes overdue.
Time Instrument
A type of draft that allows the payee to collect payment only at a specific time in the future.
Expressed Due Date
The specific date mentioned in a contract or agreement by which a task must be completed or a payment must be made.
Overdue
Referring to a payment, task, or other obligation not completed or submitted by its expected or agreed-upon deadline.
- Comprehend the consequences of dishonor and the circumstances that lead to an instrument being considered overdue.
Verified Answer
MZ
minghan zhangMay 23, 2024
Final Answer :
True
Explanation :
A time instrument is considered overdue after the date expressed for its payment has passed, as it indicates the specific date by which the payment must be made.
Learning Objectives
- Comprehend the consequences of dishonor and the circumstances that lead to an instrument being considered overdue.