When written documents are signed by a party that makes an unconditional promise to pay the holder of the instrument a specific sum of money on demand, or at a certain time, they are called?
A) Negotiable instruments
B) Informal contracts
C) Simple contracts
D) Recognizances
E) Formal contracts

Question

Quizplus · Accepted Answer

Negotiable instruments are financial documents that promise the person holding them a payment of a specific amount of money either on demand or at a set time. Examples include checks, promissory notes, and bills of exchange.

When Written Documents Are Signed by a Party That Makes