A Two-Party Negotiable Instrument That Is a Special Form of Note

question 12

Multiple Choice

A two-party negotiable instrument that is a special form of note created when a person deposits money at a financial institution in exchange for the institution's promise to pay back the amount of the deposit plus an agreed-on rate of interest upon the expiration of a set time period agreed upon by the parties is known as a ________.

• A) collateral note
• B) check
• C) certificate of deposit
• D) bill of exchange

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