Oliver Signs an Instrument That States It Is Being Executed

question 29

Multiple Choice

Oliver signs an instrument that states it is being executed "as per a contract for the sale of a case of apples dated May 1." This instrument is

• A) negotiable.
• B) nonnegotiable, because banks cannot easily process commodities.
• C) nonnegotiable, because it includes the specific date of a contract.
• D) nonnegotiable, because it refers to an express contract.

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Definitions:

Intangibility

A characteristic of services that means they cannot be touched, seen, tasted, or held in a physical sense before they are purchased.

Leather Seats

High-quality, durable seating surfaces made from the hide of animals, notably used in automotive upholstery.

Trade Surplus

A situation where a country's exports exceed its imports in value over a certain period of time.

Gross Domestic Product

The total value of all goods and services produced within a country's borders over a specific time period, used as a measure of economic performance.