On May 1,Emile Bought a Widget from Megan

question 47

Multiple Choice

On May 1,Emile bought a widget from Megan.The price was $15 000.On June 1,Emile paid that price by giving Megan a bill of exchange that was drawn on the Bank of Swift Current.The bill was stated to be payable "on demand." Which of the following statements is TRUE?

• A)Because the bill is payable on sight,Megan cannot present it to the Bank of Swift Current for acceptance
• B)If Megan presents the bill to the Bank of Swift Current on July 1,she is entitled to receive $15 000 immediately.
• C)The bill is invalid because while a promissory note can be payable on sight,a bill cannot.
• D)Unlike certification of a cheque,acceptance of a bill would not create rights that Megan could use against the Bank of Swift Current.
• E)The reason that the bill is considered to be payable "on sight" is that it was created some time after Emile and Megan created their sales contract.

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