Asked by Melissa Johnson on Apr 25, 2024
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If an instrument does not specify a time for payment and the instrument must be paid on presentment, it is not negotiable.
Time For Payment
The specific period designated for the remittance of funds owed under a contract or agreement.
Presentment
The act of presenting an instrument to the party liable on the instrument to collect payment; the act of presenting an instrument to a drawee for acceptance.
Negotiable
Referring to instruments or documents whose rights or monetary value can be transferred to another individual through endorsement or delivery.
- Gain an understanding of the nature of demand instruments and their requirement for instant payment.
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Learning Objectives
- Gain an understanding of the nature of demand instruments and their requirement for instant payment.
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