Under Article 3 of the UCC, a Draft Is

question 382

Multiple Choice

Under Article 3 of the UCC, a draft 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 a future time
• B) an unconditional written order to pay that involves three distinct 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 some time 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 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:

Mortgage Agreement

is a legal contract between a borrower and lender that outlines the terms and conditions of a loan used to purchase property, with the property acting as security for the loan.

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The legally determined age at which an individual is considered an adult and capable of making legal decisions and responsibilities.

Infants

Persons under the age of majority; also known as minors.

Condominium

A type of real estate ownership where an individual owns a unit within a larger complex, with shared ownership of common areas.