Under the UCC an Instrument "Payable on Demand" as One

question 59

Multiple Choice

Under the UCC an instrument "payable on demand" as one that ____________

• A) States that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder.
• B) Does not state any time of payment.
• C) Is payable within ten days after presentment.
• D) States that it is payable on demand or at sight or otherwise indicates that it is payable at the will of the holder, or does not state any time of payment.
• E) States that it is payable on demand or at sight, otherwise indicates that it is payable at the will of the holder; does not state any time of payment; or is payable within ten days after presentment.

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Definitions:

Revocation of Acceptance

The withdrawal of a previously given acceptance of an offer, contract, or agreement, typically due to the discovery of defects or a breach of warranty.

Magnuson-Moss Act

A federal law enacted in 1975 that governs warranties on consumer products to protect consumers from deceptive warranty practices.

Express Warranty

An explicitly stated guarantee provided by a seller to a buyer, promising the quality or performance of a product.

Sample

An example or specimen that represents the whole, used for testing or analysis.