With Regard to Negotiable Instruments, Which of the Following Is

question 126

Multiple Choice

With regard to negotiable instruments, which of the following is false?

• A) A cheque is a bill of exchange drawn on a bank, payable on demand.
• B) A cheque that has been certified cannot be countermanded by the drawer.
• C) A negotiable instrument used to advance credit in a consumer transaction must be marked "consumer purchase."
• D) Bills of exchange can be made payable for some future date.
• E) A drawer of a cheque can refuse to pay any holder of it if the drawer can prove that the payee obtained the cheque by fraud.

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