Under the UCC Which of the Following Statements Is Sufficient

question 78

Multiple Choice

Under the UCC which of the following statements is sufficient to make a promise or order to pay conditional?

• A)"I promise to pay from the corporate account."
• B)"I promise to pay if the following occurs."
• C)"I promise to pay as per the contract for the sale of goods between the parties."
• D)"I promise to pay because I owe the money."
• E)"Borrower may pay without penalty all or a portion of the amount owed earlier than it is due."

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Definitions:

Reliability Questions

Inquiries aimed at verifying the accuracy and dependability of information or responses.

Relevant Accounting

Accounting practices and information that are pertinent and useful for decision-making purposes.

Compounded Annually

The method where the interest earned on an investment is calculated annually and added to the principal sum, leading to an increase in the amount of interest earned each year.

Lump Sum

A single payment made at a particular time, as opposed to multiple payments over time.