Under the Uniform Commercial Code,when Is an Acceptance Effective

question 55

Multiple Choice

Under the Uniform Commercial Code,when is an acceptance effective?

• A)When dispatched
• B)When received
• C)When received,if acceptance is sent by electronic means; otherwise,on dispatch
• D)When dispatched,if the United States Postal Service is used; otherwise,on receipt
• E)When dispatched,if the telephone is used; otherwise,on receipt

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Definitions:

Guarantees Payment

An assurance, typically from a third party, that payment will be made for goods or services received.

Blank Endorsement

A signature without any restrictions or instructions, allowing any holder of the document to execute a transaction.

Endorsed

The act of signing the back of a negotiable instrument, such as a check, thus transferring rights or title to another party.

Payee

The party in whose favor a check, draft, or note is made, entitled to receive the payment from the payer.