Multiple Choice
Identify the statement that holds true of revised Article 3 of the Uniform Commercial Code regarding checks.
A) Under revised Article 3, an instrument does not qualify as a check if it contains the engraving "money order" on its face.
B) Revised Article 3 prevents an instrument from meeting the "unconditional promise" if it requires a countersignature of a person whose specimen signature appears on the draft.
C) Under revised Article 3, a payor bank may pay a postdated check before the stated date unless the drawer has notified the bank of postdating pursuant to a procedure set out in the Code.
D) Revised Article 3 states that an instrument which names a fixed time for payment should not contain a clause permitting the time for payment to be accelerated at the option of the maker.
Correct Answer:

Verified
Correct Answer:
Verified
Q32: A two-party instrument in which one person
Q33: Ricardo borrowed $5,000 from his friend, Lorenzo.
Q34: Carlos borrowed $100 from his friend, Juanita.
Q35: Commercial paper is basically a contract for
Q36: For an instrument to be negotiable, it
Q38: Which of the following statements is true
Q39: If words and numbers on commercial paper
Q40: A _ is a draft on which
Q41: Which of the following is true of
Q42: A traveler's check that requires, as a