5. In addition to being in writing, an unconditional order or promise to pay must be for a definite sum of money. To be negotiable under Article 3 of the UCC, an instrument also must meet which of the following requirement(s)

a. it must be payable on demand or at a specified time.

b. it must be made out to order or to bearer.

c. it must be signed by the maker or the drawer.

d. a, b, and c are all required.

e. only a and c are required.

6. According to Article 3 of the UCC, a draft is

a. a written order to pay a fixed sum of money that involves three distinct parties: drawer, drawee, and payee.

b. a written order to pay a fixed sum of money that involves two distinct parties: maker and payee.

c. a promise by one party to pay a certain sum of money to another party.

d. an acknowledgment by a bank that it has received money from a customer with a promise from the bank that it will repay the money received at a specified date or upon demand; two parties are involved: a maker and a payee.

e. none of the above.

7. Under Article 3 of the UCC, to be a holder in due course, the transferee must

a. be in possession of an instrument in the form of either a draft or a check (but not a note) made out to bearer.

b. have agreed in writing not to be bound as a contractual assignee.

c. have given value for the negotiable instrument, taken it without knowledge of any defects, and taken the instrument in good faith.

d. provided a signed unconditional writing promising (or order to pay) at a specified time in the future and made out to order or to bearer.

e. none of the above are required to be a holder in due course.

8. A creditor is a person or business who

a. lends money to someone.

b. provides credit to someone for the purchase of their goods.

c. provides credit to someone for the purchase of their services.

d. all of the above.

e. a & b only.