Asked by richard chiem on May 12, 2024
Verified
A(n) ________ promises to pay a set sum to the holder of a promissory note or certificate of deposit.
A) maker
B) acceptor
C) drawer
D) endorser
E) endorsee
Promissory Note
A written, legally binding document in which one party promises to pay another a definite sum of money either on demand or at a specified future date.
Certificate Of Deposit
A Certificate of Deposit (CD) is a financial product offered by banks and credit unions that provides an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined period of time.
- Familiarize oneself with the unique duties and legal responsibilities that accompany negotiable instruments, specifically regarding the maker, drawer, acceptor, and endorser.
Verified Answer
DC
Dhrumik ChaudhariMay 13, 2024
Final Answer :
A
Explanation :
The maker of a promissory note or certificate of deposit is the entity that promises to pay a set sum to the holder, making choice A correct.
Learning Objectives
- Familiarize oneself with the unique duties and legal responsibilities that accompany negotiable instruments, specifically regarding the maker, drawer, acceptor, and endorser.