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) time draft.
C) sight draft.
D) promissory note.
Correct Answer:
Verified
Correct Answer:
Verified
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