Fact Pattern 15-3
To borrow the funds to pay tuition at Alpha College, Bea signs an instrument unconditionally promising to pay to "Country Loan Corporation" $7,500 with interest in installments with the final payment due June 1, 2030.
-Refer to Fact Pattern 15-3.The instrument that Bea signed is most likely
A) a certificate of deposit.
B) a draft.
C) an order to pay.
D) a promissory note.

Question

Fact Pattern 15-3
To borrow the funds to pay tuition at Alpha College, Bea signs an instrument unconditionally promising to pay to "Country Loan Corporation" $7,500 with interest in installments with the final payment due June 1, 2030.
-Refer to Fact Pattern 15-3.The instrument that Bea 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 described in Fact Pattern 15-3 is most likely a promissory note. This is because it involves a promise (unconditional) by Bea to pay a specified amount to a specific lender (Country Loan Corporation) with interest in installments.

Fact Pattern 15-3 To Borrow the Funds to Pay Tuition at Alpha College