LNG Corporation and Midstates Utility Company Enter a Contract for a Sale

question 42

Multiple Choice

LNG Corporation and Midstates Utility Company enter a contract for a sale of liquefied natural gas. LNG draws a draft unconditionally ordering Midstates Utility to pay $50,000 to LNG's order in sixty days. Midstates Utility signs and dates the draft.
-Refer to Fact Pattern 23-2. This instrument is

• A)a banker's acceptance.
• B)a nonnegotiable instrument.
• C)apromissory note.
• D)a trade acceptance.

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