Under Article 3 of the UCC, a Note Is

question 268

Multiple Choice

Under Article 3 of the UCC, a note is:

• A) an unconditional written order to pay that involves three parties: drawer, drawee, payee; the drawee may be a bank, person, or business; payment may be set at some future time
• B) an unconditional written order to pay that involves three parties: drawer, drawee, and payee; the drawee must be a bank; payment must be "on demand"
• C) a promise by one party to pay a certain sum of money to another party; two parties are involved: the maker and the payee; payment may be set at a date in the future
• D) an acknowledgment by a bank that it has received money from a customer with a promise from the bank that it will repay the money received either at a specified date or upon demand; two parties are involved: a maker and a payee
• E) none of the other choices

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Definitions:

Body Language

non-verbal communication through physical behaviors such as gestures, postures, and facial expressions.

Verbal Communication

The process of conveying messages or ideas through spoken words.

True Feelings

The genuine emotions or sentiments that an individual experiences and may or may not express openly.

Honest

Characterized by truthfulness, integrity, and straightforwardness in conduct or expression.