Both the Common Law and the ULB Specify That ________

question 46

Multiple Choice

Both the common law and the ULB specify that ________.

• A) the amount in the instrument can be paid in installments
• B) the sum paid for the negotiable instrument must be money
• C) the amount to be paid in an instrument is subject to variable interest rates
• D) the instrument need not be signed to be considered negotiable

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Definitions:

UCC Article 4A

Governs the transfer of funds through electronic means between banks, establishing a legal framework for such transactions.

Wholesale Funds Transfers

involves the large-scale movement of money, typically through electronic systems, between banking institutions or within large corporations.

Credit Transactions

Financial agreements where payment is deferred to a future date, including loans, credit card purchases, and lines of credit.

Service Charge

A fee collected for the provision of a service, often added to the cost of services in areas like hospitality, banking, and real estate.