Which One of the Following Statements Is False

question 52

Multiple Choice

Which one of the following statements is false?

• A)Commercial drafts represent a way to obtain a credit commitment from a customer before the goods are delivered.
• B)When a banker's acceptance is discounted in the secondary market it becomes a commercial note.
• C)Sight drafts require immediate payment.
• D)Banker's acceptances arise when a bank guarantees payment on a commercial draft.
• E)A commercial draft becomes a trade acceptance once the buyer accepts the draft and promises to pay.

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