Which of the Following Would Be a Nonnegotiable Instrument

question 28

Multiple Choice

Which of the following would be a nonnegotiable instrument?

• A)"Payment is subject to the terms of a mortgage dated August 12,2011."
• B)A statement in the instrument that it was given in payment of last month's rent.
• C)A statement in the instrument that it was given in payment of the purchase price of goods.
• D)"This note is secured by a mortgage dated January 13,2011."

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Definitions:

Flexible Exchange Rates

A financial system where a currency's value is subject to change following the movements in the foreign exchange market.

Yen

The official currency of Japan, symbolized as ¥ and widely recognized in international financial markets.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a given period.

British Pound

The currency of the United Kingdom, often symbolized as £ and known officially as the pound sterling.