With Regard to Negotiable Instruments, Which of the Following Is

question 62

Multiple Choice

With regard to negotiable instruments, which of the following is False?

• A) A cheque is a bill of exchange drawn on a bank, payable on demand.
• B) A cheque that has been certified cannot be countermanded by the drawer.
• C) A negotiable instrument used to advance credit in a consumer transaction must be marked "consumer purchase."
• D) Bills of exchange can be made payable for some future date.
• E) A drawer of a cheque can refuse to pay any holder of it if the drawer can prove that the payee obtained the cheque by fraud.

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Definitions:

Personal Traits

Characteristics or qualities that define an individual's personality, behaviors, and attitudes.

Credit-Related Information

Information pertaining to an individual's or entity's credit history, including credit scores, payment history, and other data used to assess creditworthiness.

Equal Credit Opportunity Act

A U.S. law that prohibits discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or because a person receives public assistance.

Consumer Credit

A type of personal loan or credit extended to consumers for the purchase of goods and services, repayable in installments or at a later date.