On May 1, Emile Bought a Widget from Megan

question 48

Multiple Choice

On May 1, Emile bought a widget from Megan.The price was $15 000.On June 1, Emile paid that price by giving Megan a bill of exchange that was drawn on the Bank of Swift Current.The bill was stated to be payable "on demand." Which of the following statements is TRUE?

• A)Because the bill is payable on sight, Megan cannot present it to the Bank of Swift Current for acceptance
• B)If Megan presents the bill to the Bank of Swift Current on July 1, she is entitled to receive $15 000 immediately.
• C)The bill is invalid because while a promissory note can be payable on sight, a bill cannot.
• D)Unlike certification of a cheque, acceptance of a bill would not create rights that Megan could use against the Bank of Swift Current.
• E)The reason that the bill is considered to be payable "on sight" is that it was created some time after Emile and Megan created their sales contract.

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Definitions:

Kuba Masquerades

Cultural performances by the Kuba people of Central Africa, featuring elaborate masks, costumes, and dances, often part of rituals or ceremonies.

Royal Ancestors

Refers to the lineage of kings and queens from which an individual descends, often used in contexts of historical or genealogical research.

Bwoom

A traditional African mask from the Kuba kingdom of the Democratic Republic of the Congo, representing royalty or other significant cultural figures in ceremonial dances.

Yoruba Artist

Refers to artisans from the Yoruba people, a large ethnolinguistic group in West Africa, known for their rich traditions in sculpture, mask-making, textiles, and beadwork.