Under Article 3 of the UCC, a Check Is

question 78

Multiple Choice

Under Article 3 of the UCC, a check is:

• A) an unconditional written order to pay that involves three parties: a drawer, drawee, payee; the drawee may be a bank, person, or business. Payment may be set at some future time
• B) a draft drawn on a bank and payable 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 some future date
• 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 these

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Definitions:

Split-off Point

The stage in a production process where joint products can be recognized as separate products.

Premium Grade

A classification indicating that a product or material is of superior quality and usually commands a higher price.

Industrial Fiber

A material, often synthetic, designed for use in industrial applications due to its strength, durability, or specific functional properties.

Cane Juice

The liquid extract obtained from pressing sugarcane, commonly used as a sweetener or in beverages, not directly a key term in financial or accounting contexts.