Fact Pattern 22-2 LNG Corporation and Midstates Utility Company Enter

question 27

Multiple Choice

Fact Pattern 22-2 LNG Corporation and Midstates Utility Company enter a contract for a sale of liquefied natural gas by LNG to Midstates. LNG draws a draft unconditionally ordering Midstates Utility to pay $50,000 to LNG's order in sixty days. Midstates Utility signs and dates the draft.
Refer to Fact Pattern 22-2. This instrument is

• A) a cashier's check.
• B) a nonnegotiable instrument.
• C) a promissory note.
• D) a trade acceptance.

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Definitions:

Monroe Doctrine

A U.S. foreign policy principle declared in 1823, stating opposition to European colonialism in the Americas and restricting future colonization in the Western Hemisphere.

European Colonization

The process by which European powers occupied and ruled over regions across the world, often involving the exploitation and subjugation of indigenous populations, from the late 15th century onwards.

Americas Off-Limits

Pertains to policies or historical periods when certain areas of the Americas were restricted or closed off to specific groups, often for political or colonial reasons.

Monroe Doctrine

A principle of US foreign policy, enunciated by President Monroe in 1823, stating opposition to European colonization in the Americas and non-interference in European affairs.