Multiple Choice
Fact Pattern 24-1B
Dominion Sales Ltd.in Canada and Eagle Buying Company in the United States enter a contract for a sale of forestry products.Dominion draws a draft unconditionally ordering Great Federal Bank,Eagle's bank,to pay $60,000 to Dominion's order in sixty days.Eagle signs and dates the draft.
-Refer to Fact Pattern 24-1B.This instrument is
A) a banker's acceptance.
B) a nonnegotiable instrument.
C) a promissory note.
D) a trade acceptance.
Correct Answer:
Verified
Correct Answer:
Verified
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