Chapter 26 Flashcards
1
Q
Negotiable instrument
A
A substitute for cash, is a written document containing the signature of the creator that makes an unconditional promise or order to pay a certain sun of money, either at a specified time or on demand.
2
Q
UCC
A
Under common law
3
Q
Note
A
Is a promise, by the maker of the note, to pay a payee.
4
Q
The holder of a demand instrument can?
A
Demand payment at anytime
5
Q
Payment is made in 3 ways
A
Cash, Credit Cards, or Cash Substitute
