Multiple Choice
On December 4,Quentin signed a promissory note prepared by Landers Finance for $1,200.The preprinted form used by Landers stated the amount,plus interest,was due and payable in six months.On the line of the form that specified repayment terms,Landers had typed in that the note was due and payable by June 30 of the following year.How would this ambiguity be resolved?
A) A new note would have to be negotiated and drawn up since the payment terms are contradictory.
B) The June 30 date would be effective because, if terms in a negotiable instrument contradict each other, typed terms win over pre-printed terms.
C) The June 30 date would be effective because, if terms in a negotiable instrument contradict each other, the term that favors the consumer takes precedence.
D) The six-month date would be effective because, if terms in a negotiable instrument contradict each other, the pre-printed terms win over typed or handwritten terms.
Correct Answer:
Verified
Correct Answer:
Verified
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