If an Instrument States No Time for Payment, the Note

question 30

True/False

If an instrument states no time for payment, the note is payable on demand.

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Definitions:

Corporation

A legal entity that exists separately from its owners.

Legal Entity

Any organization that possesses separate legal personality from its members, such as corporations, partnerships, and sole proprietorships.

Personal Liability

The legal responsibility of an individual to bear the cost of damages or debt incurred through their actions or ownership.

Sole Proprietorship

A business owned and operated by a single individual, with no legal distinction between the owner and the business.