A "Draft Drawn on a Bank and Payable on Demand

question 67

Multiple Choice

A "draft drawn on a bank and payable on demand" is a:

• A) promissory note
• B) note
• C) certificate of deposit
• D) deposit slip
• E) none of the other choices are correct

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Definitions:

American Legal System

The judiciary framework of the United States, including federal and state courts, which interprets and applies the law.

Formation of Law

The process through which legal rules and standards are created, implemented, and enforced in a society.

Stare Decisis

The legal principle of determining points in litigation according to precedent or previous judicial decisions.

Common Law

A body of legal precedents derived from judicial decisions, as opposed to statutes or constitutions.