A definite time required for negotiability would NOT be satisfied in which instance?

	a.	Payable one year from the completion of the building
	b.	Payable on or before January 1, 2015
	c.	A dated instrument payable 90 days after date
	d.	Payable one week after demand is made

A form of time draft known as a trade acceptance is used as a credit device in commercial transactions.

True

False

The Check Clearing for the 21st Century Act:

	a.	creates a new negotiable instrument.
	b.	requires banks to accept checks in electronic form.
	c.	requires banks to create image replacement documents for any checks received.
	d.	All of these.

All but which of the following is required of a negotiable instrument?

	a.	It must be payable on demand or at a fixed future date.
	b.	It must contain an unconditional promise to pay a fixed amount in money.
	c.	It must be in writing and signed by the maker or drawer.
	d.	It must be payable only out of a particular fund.

Which of the following is correct with respect to negotiability?

	a.	Money must be in U.S. dollars.
	b.	An order or promise to pay only out of a particular fund is permissible under Revised Article 3.
	c.	The writing requirement means that a check must be written on paper.
	d.	A negotiable instrument must be payable at a definite time.