Identify the Statement That Holds True of Revised Article 3

question 37

Multiple Choice

Identify the statement that holds true of revised Article 3 of the Uniform Commercial Code regarding checks.

• A) Under revised Article 3, an instrument does not qualify as a check if it contains the engraving "money order" on its face.
• B) Revised Article 3 prevents an instrument from meeting the "unconditional promise" if it requires a countersignature of a person whose specimen signature appears on the draft.
• C) Under revised Article 3, a payor bank may pay a postdated check before the stated date unless the drawer has notified the bank of postdating pursuant to a procedure set out in the Code.
• D) Revised Article 3 states that an instrument which names a fixed time for payment should not contain a clause permitting the time for payment to be accelerated at the option of the maker.

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Definitions:

Reference Group

A social group that an individual uses as a standard for evaluating themselves and their own behavior.

Control Group

A control group in scientific experiments is the group of subjects not exposed to the experimental treatment, used as a benchmark to measure how the other tested subjects respond.

Membership Group

A social group to which an individual belongs and identifies with, often influencing their behavior and attitudes.

Significance Level

In statistical analysis, it represents the probability threshold below which a result is considered statistically significant, indicating a likely non-random pattern.