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:

External Rewards

Rewards that are provided by an external source, such as money, praise, or awards, rather than internal satisfaction.

Parenting Styles

Different methodologies and approaches parents use in raising their children, often categorized into authoritative, authoritarian, permissive, and uninvolved.

Urban

Pertaining to or characteristic of a city or town, often associated with high population density and infrastructure development.

Rural Setting

An area located in the countryside, often characterized by low population density and agricultural as the primary industry.