Which of the following is true regarding the type of currency needed to satisfy the currency requirement for negotiability in this country?
A) U.S. dollars is the only satisfactory currency
B) U.S. dollars or English pounds are the only satisfactory currency
C) U.S. dollars, English pounds, or Euros are the only satisfactory currency
D) U.S. dollars, English pounds, Euros, and Japanese yen are all satisfactory currency
E) U.S. dollars, English pounds, Euros, Japanese yen, and gold are all satisfactory currency

Question

Quizplus · Accepted Answer

Negotiable instruments must promise or order that payment be made in a national currency [UCC 3-104(a)]. For example, U.S. dollars, English pounds, Euros, and Japanese yen all satisfy the currency requirement. While promises to pay in apples or gold or stock may form a perfectly enforceable contract, these are not currencies and the resulting instrument is not a negotiable instrument.

Which of the Following Is True Regarding the Type of Currency