A written order drawn on a bank by a depositor that requests the bank to pay, on demand and unconditionally, a definite sum of money to the bearer of the instrument or to the order of a specified person is called a:
A) price quotation.
B) promissory note.
C) check.
D) demand note.

Question

Quizplus · Accepted Answer

A check is a written order drawn on a bank by a depositor that requests the bank to pay a definite sum of money to the bearer of the instrument or to the order of a specified person. A promissory note is a written promise to pay a certain amount of money on a specific date, while a demand note is a type of promissory note that is payable on demand. A price quotation is a document provided by a seller to a potential buyer, outlining the cost of goods or services.

A Written Order Drawn on a Bank by a Depositor