Which of the following is a requirement for commercial paper to be considered a negotiable instrument?
A) It must be signed in approval by a third party.
B) It must contain a conditional promise to pay.
C) It must be a promise to pay a specified amount of money.
D) It must be an oral agreement between two or more parties.

Question

Quizplus · Accepted Answer

Article 3 of the Uniform Commercial Code states that negotiable instruments must be (1) written and signed by the maker, (2) made payable on demand or at a certain time, (3) made payable to the bearer or to order, and (4) contain an unconditional promise to pay a specified amount of money.

Which of the Following Is a Requirement for Commercial Paper