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Learning: Creation of Negotiable Instruments

II

QUESTION

You enter into an agreement with your father to buy his old car. Your father writes out a draft that orders you to pay the agreed price of $$5,000$ on demand. You accept, sign the draft, and hand the cash over to your father.

This is an example of which of the following?

ANSWER

$$ A trade acceptance

A promissory note

A demand draft

A time draft

IDON'T KNOWYET