Multiple Choice
On April 1 Richard arranges to buy a sixteen-speed bike from his neighbor Phil for $500. Phil agrees to deliver the bike on May 1. Richard writes a draft for $500 payable to Phil on May 1. In this situation, the draft is
A) a certificate of deposit.
B) a time draft.
C) a sight draft.
D) a promissory note.
Correct Answer:
Verified
Correct Answer:
Verified
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