Under Article 3 of the UCC, a Note Is

Under Article 3 of the UCC, a note is:

A) an unconditional written order to pay that involves three parties: drawer, drawee, payee; the drawee may be a bank, person, or business; payment may be set at some future time
B) an unconditional written order to pay that involves three parties: drawer, drawee, and payee; the drawee must be a bank; payment must be "on demand"
C) 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 either at a specified date or upon demand; two parties are involved: a maker and a payee
D) an acknowledgment by a bank that it has received money from a maker ordering the bank to pay the money received either upon demand to the payee
E) none of the other choices

Correct Answer:

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