Opal Signs a Promissory Note Payable to the Order of Payday

question 79

Multiple Choice

Opal signs a promissory note payable to the order of Payday Loan Company. The note states that it is payable "with interest at the legal rate." This note is

• A) negotiable.
• B) nonnegotiable, because it does not specify a rate of interest.
• C) nonnegotiable, because it is a promissory note.
• D) nonnegotiable, because it is payable only with interest.

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Definitions:

Information Gathering

The systematic collection of data or facts from various sources for a specific purpose, such as analysis or decision-making.

Probability Correct

A measure of accuracy in predictions or decisions, indicating the likelihood of a correct outcome or answer.

General Knowledge

General knowledge entails a broad range of facts, information, and understanding across various subjects and areas, typically accumulated over time through education and experience.

Anchoring Phenomenon

A concept in psychology where initial exposure to a number or value serves as a reference point and influences subsequent judgments.