Fact Pattern 19-3
Thalia signs an instrument unconditionally promising to pay to "Union Bank" $7500 with interest in installments with the final payment due June 1, 2017.
-Refer to Fact Pattern 19-3. The instrument that Thalia signed is most likely
A) a certificate of deposit.
B) a draft.
C) an order to pay.
D) a promissory note.

Question

Fact Pattern 19-3
​Thalia signs an instrument unconditionally promising to pay to "Union Bank" $7500 with interest in installments with the final payment due June 1, 2017.
-Refer to Fact Pattern 19-3. The instrument that Thalia signed is most likely
A) ​a certificate of deposit.
B) ​a draft.
C) ​an order to pay.
D) ​a promissory note.

Quizplus · Accepted Answer

The instrument that Thalia signed is most likely a promissory note because it is an unconditional promise to pay a certain sum of money at a specified time or on demand to a named or order payee, which in this case is "Union Bank".

Fact Pattern 19-3 ​Thalia Signs an Instrument Unconditionally Promising to Pay to "Union

Fact Pattern 19-3 Thalia Signs an Instrument Unconditionally Promising to Pay to "Union