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Flashcards in Chapter 26 Deck (5)
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1

Negotiable instrument

A substitute for cash, is a written document containing the signature of the creator that makes an unconditional promise or order to pay a certain sun of money, either at a specified time or on demand.

2

UCC

Under common law

3

Note

Is a promise, by the maker of the note, to pay a payee.

4

The holder of a demand instrument can?

Demand payment at anytime

5

Payment is made in 3 ways

Cash, Credit Cards, or Cash Substitute