Asked by
Yoselin Romero
on Nov 27, 2024
Verified
An instrument must name a specific payee and be made payable at a definite time to qualify as a promissory note.
Promissory Note
A written promise made by one person (the maker) to pay a fixed sum of money to another person (the payee or a subsequent holder) on demand or on a specified date.
Specific Payee
The designated individual or entity to whom a particular payment is directed or made.
Definite Time
A specific, clearly identified period or moment when something occurs or is scheduled to happen.
- Familiarize oneself with the idea and demands of negotiable instruments.
- Classify and differentiate among a range of negotiable instruments, emphasizing promissory notes, drafts, and checks.
Verified Answer
KD
Learning Objectives
- Familiarize oneself with the idea and demands of negotiable instruments.
- Classify and differentiate among a range of negotiable instruments, emphasizing promissory notes, drafts, and checks.