Asked by Lopez Anibal on May 20, 2024
Verified
To be negotiable, the instrument must satisfy all except which one of the following requirements?
A) It must contain a promise or order to pay.
B) It must be for a certain amount.
C) It must be payable on demand.
D) It must be signed.
Negotiable
Capable of being transferred or converted into cash or equivalent value, often used in reference to financial instruments.
Payable on Demand
Refers to a financial obligation that must be paid by the debtor when the creditor requests it.
- Acquire knowledge on the fundamentals and conditions necessary for negotiability of instruments as delineated in the Uniform Commercial Code (UCC).
Verified Answer
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Final Answer :
C
Explanation :
Negotiable instruments must contain a promise or order to pay a certain amount and must be signed by the maker or drawer. However, they do not have to be payable on demand; they can also be payable at a definite time.
Learning Objectives
- Acquire knowledge on the fundamentals and conditions necessary for negotiability of instruments as delineated in the Uniform Commercial Code (UCC).
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