A ________ Is a Two-Party Instrument and a ________ Is

question 79

Multiple Choice

A ________ is a two-party instrument and a ________ is a three-party instrument.

• A) Note; check
• B) Note; draft
• C) Check; note
• D) Draft; note
• E) Check; draft

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Definitions:

Demand Delivery

The action of requesting the transfer of goods or services as per the terms of a contract or agreement.

Tendered Delivery

The act of presenting goods or documents to a party as stipulated in a contract, thereby fulfilling a delivery obligation.

Demand Payment

A request for the payment of a debt or obligation, often made formally and in writing.

Substantially Performed

A term used in contract law indicating that a party has completed the major obligations of a contract, even if minor details remain unfulfilled.