Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Third Corp. agreed to purchase goods from Silk Corp. Third could not pay for the goods immediately. A draft was then drawn by Silk ordering

Third Corp. agreed to purchase goods from Silk Corp. Third could not pay for the goods immediately. A draft was then drawn by Silk ordering Third to pay Silk the price of the goods at a specified future date. Third signed the draft and returned it to Silk. Under the Negotiable Instruments Article of the UCC, what type of draft was created?

A trade acceptance

A letter of credit

A bank draft

A check

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions