Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
|
instruments payable immediately upon presentation to the drawee
|
Sight Draft
|
|
|
a medium of exchange adopted by a government as its currency
|
money
|
|
|
an instrument payable only upon the occurrence of a future uncertain event or act.
|
non negotiable
|
|
|
a check drawn by a bank on itself payable to the order of a named payee
|
cashiers's check
|
|
|
a three party instrument payable on a specific future date
|
time draft
|
|
|
a legal concept that allows written documents to be easily used as money substitue forms of payment
|
negotiability
|
|
|
negotiable instrument created under the check truncation act that substitues for and has the same legal effects as an original check
|
image replacement document
|
|
|
the person ordered to pay draft
|
drawee
|
|
|
a clause that gives a payee the right to demand payment before a note is mature
|
acceleration
|
|
|
an instrument drawn by the seller of goods on their purchaser made payable to the seller
|
trade acceptance
|
|
|
a use for negotiable instruments other than as a substitute for money
|
credit device
|
|
|
a two party negotiable instrument
|
promissory note
|
|
|
instruments payable at a definite time
|
time paper
|
|
|
provision in commercial paper judicially intrpreted to make the instrument non negotiable
|
variable interest rate (condition)
|
|
|
the most common form of commercial paper
|
check
|
|
|
an order to pay a sum certain is conditional if an instrument
|
specifies it is subject to another agreement
|
|
|
the signature of the maker of a note may be
|
under an assumed name, thumb print, or made by an authorized agent
|
|
|
the primary obligor on a promiessory note is the
|
acceptor, cosigner, and payee
|
|
|
an instrument that is an order by one party upon anothe party to pay a third party is
|
draft
|
|
|
negotiabitlity of an instrument is adversely affected by
|
a clause authorizing payment in goods
|
|
|
an undated instrument made payable "two days after the date" is
|
not negotiable
|
|
|
an instrument that does not specify a payment date is
|
demand paper
|
|
|
the bankd upon which a check is drawn is the
|
drawee
|
|
|
an instrument payable to "John Doe" is payable
|
to order
|
