Bruce Agrees to Buy Joe's Ranch

question 39

Multiple Choice

Bruce agrees to buy Joe's ranch. They draw up a note, under which Bruce is to pay Joe in three installments, each payable on a specified date. Joe has concerns about Bruce's ability to pay on time, so he insists that the note include an acceleration clause. Such a clause would allow Joe to:

• A) accelerate the sale of the ranch.
• B) demand payment of the entire amount Bruce owes him if a certain event occurs.
• C) extend the date of maturity on the note until a certain date in the future.
• D) accelerate the statute of limitations in a case involving negotiable instruments

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