A Time Draft Is Payable on Sight

question 23

True/False

A time draft is payable on sight.

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Definitions:

Negotiable Instrument

A legal document guaranteeing the payment of a specific amount of money, either on-demand or at a set time, with the payer named on the document.

Legal

Pertaining to the law or the practice of law, involving legal matters, procedures, or documentation.

ATM Card

A plastic card issued by a bank or financial institution to access one's account and withdraw cash from automated teller machines.

Notify

The act of informing someone of something through a formal or official means.