An instrument reads as follows: Which of the following statements correctly describes this instrument? a. The instrument

Question:

An instrument reads as follows:

Which of the following statements correctly describes this instrument?

a. The instrument is nonnegotiable because it is not payable at a definite time.

b. The instrument is nonnegotiable because it is secured by the proceeds of the sale of the ring.

c. The instrument is a negotiable promissory note. image text in transcribed

d. The instrument is a negotiable sight draft payable on demand.

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Anderson's Business Law And The Legal Environment

ISBN: 9780324638189

20th Edition

Authors: David P Twomey, Marianne M Jennings, Ivan Fox

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Question Posted: Jul 04, 2024 09:00 AM

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An instrument reads as follows: Which of the following statements correctly describes this instrument? a. The instrument

Question:

$10,000 Ludlow, Vermont February 1, 1993 I promise to pay to the order of Custer Corp. $10,000 within 10 days after the sale of my two-carat diamond ring. I pledge the sale proceeds to secure my obligation hereunder. R. Harris R. Harris

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Anderson's Business Law And The Legal Environment

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