Fact Pattern 15-2 LNG Corporation and Mid-State Utility Company Enter a Contract for a Contract
Multiple Choice
Fact Pattern 15-2
LNG Corporation and Mid-state Utility Company enter a contract for a sale of liquefied natural gas. LNG draws a draft unconditionally ordering Mid-state Utility to pay $50,000 to LNG's order in sixty days. Mid-state Utility signs and dates the draft.
-Refer to Fact Pattern 15-2.This instrument is
A) a banker's acceptance.
B) a nonnegotiable instrument.
C) a promissory note.
D) a trade acceptance.
Correct Answer:
Verified
Correct Answer:
Verified
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