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An instrument reads as follows:  Which of the following statements correctly describes this instrument? a. The instrument is nonnegotiable because it is not payable at a definite time.

An instrument reads as follows: 

Which of the following statements correctly describes this instrument?

  • a.

    The instrument is nonnegotiable because it is not payable at a definite time.

  • b.

    The instrument is nonnegotiable because it is secured by the proceeds of the sale of the ring.

  • c.

    The instrument is a negotiable promissory note.

  • d.

    The instrument is a negotiable sight draft payable on demand.

Aug 13 2021 View more View Less

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