Identify the Statement That Holds True of Revised Article 3

question 37

Multiple Choice

Identify the statement that holds true of Revised Article 3.

• A)Under 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 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,an instrument that 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:

Life-Cycle Curve

A graphical representation showing the stages a product goes through from conception to withdrawal from the market, typically including introduction, growth, maturity, and decline.

Product Form

The specific physical composition, shape, or configuration in which a product is offered to consumers.

Product Class

A category of products that serve a similar function or are bought by consumers for similar reasons, sharing certain attributes.

Innovators

Individuals or organizations that introduce new ideas or products, often leading change and development within a market.