A Note Involves Two Parties, the Maker and the Payee

question 368

True/False

A note involves two parties, the maker and the payee. Payment must be on demand.

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Definitions:

Delegation

The act of transferring authority or tasks from one individual or group to another while retaining ultimate responsibility.

Incidental Beneficiary

An Incidental Beneficiary is an individual or party that indirectly benefits from a contract between two other parties, though not intended as the primary beneficiary of the contract.

Enforce

To compel compliance with a law, rule, or obligation through authoritative or legal action.

Oral Assignment

The act of transferring rights or property through verbal agreement, without the need for written documentation.