The Promise or Order in an Instrument Must Be to Pay

question 22

Multiple Choice

The promise or order in an instrument must be to pay:

• A)a fixed amount of money.
• B)an undefined amount of money.
• C)an amount of money subject to a condition subsequent.
• D)the equivalent of the amount specified in any medium on demand.

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Definitions:

Graduated Income Tax

A tax system where the tax rate increases as the taxable income amount increases, imposing a higher tax rate on higher income earners.

Wilson Administration

The period during which Woodrow Wilson served as President of the United States, notable for its focus on progressive reforms and involvement in World War I.

Excise Tax

A type of tax charged on specific goods, services, and activities, often included in the price of products like alcohol, tobacco, and gasoline.

Triangle Shirtwaist Company

A garment factory in New York City where a devastating fire in 1911 killed 146 workers, leading to significant labor and safety reforms.