Asked by Bryan Raffael on May 30, 2024
Verified
What is the difference between a demand instrument and a time instrument?
Demand Instrument
A financial document, like a check or promissory note, that is payable on demand or presentation.
Time Instrument
A financial document that specifies payment to be made at a future date.
- Elucidate the factors that impact the transferability of a financial document.
Verified Answer
NP
NAKYRA PROPHET SMITHJun 04, 2024
Final Answer :
With a demand instrument, the payee (or subsequent holder) can demand actual payment at any time. With a time instrument, payment can be made only at a specific time designated in the future.
Learning Objectives
- Elucidate the factors that impact the transferability of a financial document.
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