Calvert buys a promissory note from Darin. The note is due on December 5. December 5 is a Sunday. The note is
A) payable anytime the week of December 6.
B) payable December 6.
C) payable on December 5 only.
D) considered defective.

Question

Calvert buys a promissory note from Darin. The note is due on December 5. December 5 is a Sunday. The note is​
A) ​payable anytime the week of December 6.
B) ​payable December 6.
C) ​payable on December 5 only.
D) ​considered defective.

Quizplus · Accepted Answer

According to the Uniform Commercial Code, if the due date falls on a non-business day, the payment is due on the next business day following the due date, which in this case is December 6. Therefore, the note is payable on December 6.

Calvert Buys a Promissory Note from Darin