Under Article 3 of the UCC, a check is: a. an unconditional written order to pay
ID: 1251822 • Letter: U
Question
Under Article 3 of the UCC, a check is:a. an unconditional written order to pay that involves three distinct parties: a drawer, drawee, payee; the drawee may be a bank, a person, or a corporation. Payment may be set at some time in the future
b. a draft drawn on a bank and payable on demand
c. a promise by one party to pay a certain sum of money to another party; two parties are involved: the maker and the payee; payment may be set at some future date
d. an acknowledgment by a bank that it has received money from a customer with a promise from the bank that it will repay the money received either at a specified date or upon demand; two parties are involved: a maker and a payee
e. none of these
Explanation / Answer
The answer is : A) an unconditional written order to pay that involves three distinct parties: a drawer, drawee, payee; the drawee may be a bank, a person, or a corporation. Payment may be set at some time in the future
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