Luc Signs a Promissory Note for $2,500 in Favor of Metro

question 19

Multiple Choice

Luc signs a promissory note for $2,500 in favor of Metro College. The note is undated but specifies that it is "payable one month after date." This note is

• A)negotiable.
• B)nonnegotiable, because one month is not a reasonable time.
• C)nonnegotiable, because there is no option to pay early.
• D)nonnegotiable, because the maturity date cannot be determined from the face of the instrument.

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Definitions:

Music Downloads

Digital files of music tracks that can be legally or illegally downloaded from the internet to a computer or mobile device.

Sugar Quotas

Government-imposed limits on the amount of sugar that can be imported or produced, often to stabilize domestic prices.

Consumer Surplus

The disparity between what consumers are prepared to pay for a product or service and the actual amount they end up paying.

Consumer Surplus

The gap between the total price consumers are ready to pay for a good or service and what they actually spend on it.