The Obligation of an Acceptor Is

question 7

Multiple Choice

The obligation of an acceptor is:

• A)to make an unconditional promise to pay a fixed amount of money and is responsible for making good on that promise.
• B)to pay the check according to its terms at the time he issued it.
• C)to pay the draft according to the terms at the time of its acceptance.
• D)to pay the amount due on the instrument according to its terms at the time he indorsed it.

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Definitions:

Adjuster

A professional who investigates insurance claims to determine the extent of the insurer's liability.

Donee Beneficiary

A third party who benefits from a contract made between two other parties, primarily in contexts like insurance or gifts.

Third-Party

An individual or group besides the two primarily involved in a contract or transaction.

Parol Evidence Rule

A legal principle that prevents parties from presenting extrinsic evidence that contradicts or adds to the written terms of a contract.