What type of instrument is a check, by definition?
Explanation
Negotiable instruments are classified by when they are payable. Demand instruments, like checks, are payable immediately upon presentment. Time instruments are payable at a specified future date.
Other questions
According to the text, which of the following best defines a negotiable instrument?
Which of the following is described as the system of rules that medieval merchants developed to govern negotiable instruments because the English king's courts did not recognize them?
What are the three parties involved in a draft?
How does the UCC define a check?
In a transaction where Laurence and Margaret Roberts sign a writing unconditionally promising to pay to the order of the First National Bank of Whiteacre $3,000 on or before June 29, what type of instrument have they created?
According to the UCC, what is a certificate of deposit (CD)?
What is the key characteristic of a trade acceptance?
In the case of a cashier's check, who serves as both the drawer and the drawee?
To be negotiable, an instrument must be in a written form. Which of the following would NOT qualify as a negotiable instrument due to the writing requirement?
According to the UCC, what may a signature on a negotiable instrument include?
Which of the following phrases, if included on an instrument, would make the promise or order to pay conditional and thus render the instrument nonnegotiable?
To be negotiable, an instrument must state a fixed amount of money. Which of the following instruments meets this requirement?
An instrument states, 'One year after the death of my grandfather, Jeremy Adams, I promise to pay to the order of Lucy Harmon $5,000. [Signed] Jacqueline Wells.' Is this instrument negotiable?
What is the effect of an acceleration clause on the negotiability of an instrument?
A note contains an extension clause that gives the maker the right to postpone the time of payment, but does not specify the interval of the extension. What is the status of this note?
Which of the following phrases creates a bearer instrument?
If a check is undated, how does this affect its negotiability?
Paruzzo issues a check to Cheaper Appliance Company. She fills in the numerical amount as '$100' but writes out the words 'One thousand and 00/100' dollars. For what amount is the check payable?
If an instrument states it is payable 'with interest' but does not specify a rate, what interest rate applies?
Under the UCC, what is the effect of writing 'nonnegotiable' on a check?
In the case of Gowin v. Granite Depot, LLC, a promissory note was executed on November 9, 2000, but contained payment dates that preceded the actual execution date (e.g., commencing February 1, 2000). How did the court classify this note?
What type of instrument is a sight draft?
A promissory note for $3,000 is executed by Laurence and Margaret Roberts, payable to the First National Bank of Whiteacre with 8 percent interest. What type of note is this, based on the information provided in the example?
What is the primary function of a negotiable instrument that allows it to be easily transferable?
If a person signs a promissory note 'I, Kammie Orlik, promise to pay Janel Tan,' within the body of the instrument, can this serve as a valid signature?
What must an I.O.U. contain to satisfy the UCC's requirement for an express promise to pay?
An order in a draft states, 'I wish you would pay.' Does this language meet the UCC requirement for an order?
For which type of instrument is an express promise to pay NOT required for it to be negotiable?
If a note's payment date is tied to a variable rate of interest, how does this affect its negotiability under the 'fixed amount' rule?
An instrument is made payable to 'the order of the County Tax Collector'. Is this instrument negotiable?
An instrument is made payable to 'Ying or Mifflin'. What indorsements are required for negotiation?
If a check is postdated by fifteen days, what can the payee, Sung Imports, do with it immediately?
A check is printed with 'Pay to the order of,' and the drawer handwrites 'Anita Delgado or bearer' in the blank. How is this instrument classified?
A traveler's check is an instrument that is payable on demand, drawn on or payable at a financial institution, and designated as a traveler's check. What is the purchaser required to do?
What does acceptance of a draft, such as a trade acceptance, create?
What is the maximum interest rate for government-guaranteed school loans mentioned in the hypothetical note signed by Robert Durbin?
In a note payable to 'the order of the Camrod Company,' which is a nonexistent organization, what is the status of the instrument?
What is the primary legal justification for requiring that a negotiable instrument be in a written form?
How many monthly payments did the promissory note in the Foundation Property Investments, LLC v. CTP, LLC case require CTP to make?
What is the amount of the promissory note that Juan Sanchez promises to pay Kathy Martin or bearer?
A payee whose name is misspelled on a check, such as 'Mary Ellison' instead of 'Marie Ellison,' can indorse the check. What is the usual practice for such an indorsement?
In the scenario where Ourtown Real Estate orders $1,000 worth of office supplies from Eastman Supply Company, what is the payment due date on the time draft?
In the example of the certificate of deposit issued to Sara Levin, what is the amount of the deposit?
According to the text, a promissory note secured by personal property, such as an automobile, is referred to as what?
If a payee on an American Express traveler's check is 'Shanghai Hotel,' who is the drawer/drawee?
What is the consequence if an instrument states that payment is to be made in '$1,000 in U.S. gold'?
What is the stated term for the promissory note in the example where D & F Clothiers, Inc. accepts a draft from Midwestern Style Fabrics?
In the example of the note from Austin Keynes to Friedman Electronics, what is the monthly payment amount?
Which of the following is NOT listed as a requirement for an instrument to be negotiable?