QUESTION 19

A promise or order will be considered conditional when it:

		Payment is subject to excessive rates of interest.
		Payment is subject to the terms of another agreement.
		Payment is made voluntarily.
		Payment terms are clear and unambiguous.

QUESTION 21

1. The endorser of an instrument makes an implicit promise to pay the holder of the instrument if it is dishonored after proper presentment and notice of the dishonor is given to the endorser in a timely fashion. This promise is termed the endorser's __________________.

   		Warranty
   		Contract
   		Accommodation
   		Guarantee