Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bence signs a promissory note for $1,500 in favor of Community College. The note is undated but specifies that it is payable one month after
Bence signs a promissory note for $1,500 in favor of Community College. The note is undated but specifies that it is payable one month after date. This note is
a. | nonnegotiable, because there is no option to pay early. | |
b. | nonnegotiable, because one month is not a reasonable time. | |
c. | negotiable. | |
d. | nonnegotiable, because the maturity date cannot be deter-mined from the face of the instrument. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started