Paper Payable "On Demand" Fails the Test of Negotiability in That

question 40

True/False

Paper payable "on demand" fails the test of negotiability in that it does not contain a specific time.

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Definitions:

Respondeat Superior

A legal doctrine holding an employer or principal legally responsible for the wrongful acts of an employee or agent, when such acts occur within the scope of employment or agency.

Commits a Tort

Engaging in an act that causes harm or injury to another person, leading to legal liability under civil law.

Term Partnership

A specific partnership established for a predetermined duration or until a project is completed.

Wrongfully Dissociates

An unjust separation or withdrawal from a partnership or association that breaches an agreement or expectation.